Taxation (International and Other Provisions) Act 2010 section 318A

Industrial and provident societies

Section 318A addresses how the corporate interest restriction rules apply to industrial and provident societies (now known as registered societies), including co-operative societies and community benefit societies.

• Industrial and provident societies are brought within scope of the corporate interest restriction rules where they carry on a trade or business.
• These societies are treated as if they were companies for the purposes of the interest restriction provisions, even though they are not incorporated under the Companies Act.
• References to accounting periods, profits, and other company-related concepts are adapted to apply appropriately to these societies.
• This provision was introduced by the Finance (No. 2) Act 2017 as part of the wider corporate interest restriction regime in Schedule 5.