{
  "url": "https://openlegislation.uk/finance-act-1986/section-24",
  "json_url": "https://openlegislation.uk/finance-act-1986/section-24.json",
  "legislation": "ukpga/1986/41",
  "legislation_title": "Finance Act 1986",
  "legislation_url": "https://openlegislation.uk/finance-act-1986",
  "path": "section/24",
  "kind": "section",
  "number": "24",
  "heading": "Approved profit sharing schemes: workers’ co-operatives.",
  "text": "1)—(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(4) Where, for the purpose of securing (and maintaining) approval of its profit sharing scheme in accordance with Part I of Schedule 9 to the Finance Act 1978, the rules of a society which is a workers’ co-operative or which is seeking to be registered under the industrial and provident societies legislation as a workers’ co-operative contain—\n(a) provision for membership of the society by the trustees of the scheme,\n(b) provision denying voting rights to those trustees, or\n(c) other provisions which appear to the registrar to be reasonably necessary for that purpose,\nthose provisions shall be disregarded in determining whether the society should be or continue to be registered under the industrial and provident societies legislation as a bona fide co-operative society.\n(5) In subsection (4) above “the industrial and provident societies legislation” means—\n(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(b) the Industrial and Provident Societies Act (Northern Ireland) 1969,\nand “registrar” has the same meaning as in that Act and “co-operative society” has the same meaning as in section 1 of that Act.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 24(1)–(3) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 24(5)(a) omitted (1.8.2014) by virtue of Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 37(a) (with Sch. 5)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 24(5) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 37(b) (with Sch. 5)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 24(5) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 37(c) (with Sch. 5)"
    },
    {
      "type": "M",
      "label": "M1",
      "text": "1969 c. 24 (N.I.)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1986/41/section/24",
    "retrieved_at": "2026-10-29T09:56:06.979637+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}