Paragraph 16 Tax treatment of SCE

In section 486(12) (industrial and provident societies and co-operative associations) of ICTA for the definition of “registered industrial and provident society” substitute—

““registered industrial and provident society” means—

1. (a)

   a society registered or deemed to be registered under the Industrial and Provident Societies Act 1965 M1 or under the Industrial and Provident Societies Act (Northern Ireland) 1969 M2, or

2. (b)

   an SCE formed in accordance with Council Regulation (EC) 1435/2003 on the Statute for a European Co-Operative Society M3;”.