{
  "url": "https://openlegislation.uk/finance-act-1998/schedule-5/paragraph-5",
  "json_url": "https://openlegislation.uk/finance-act-1998/schedule-5/paragraph-5.json",
  "legislation": "ukpga/1998/36",
  "legislation_title": "Finance Act 1998",
  "legislation_url": "https://openlegislation.uk/finance-act-1998",
  "path": "schedule/5/paragraph/5",
  "kind": "paragraph",
  "number": "5",
  "heading": null,
  "text": "After section 21B of the Taxes Act 1988 (inserted by paragraph 4 above) insert—\n“ The Schedule A charge and mutual business.\n21C (1) The following provisions have effect for the purpose of applying the charge to tax under Schedule A in relation to mutual business.\n(2) The transactions or relationships involved in mutual business are treated as if they were transactions or relationships between persons between whom no relationship of mutuality existed.\n(3) Any surplus arising from the business is regarded as a profit (and any deficit as a loss) if it would be so regarded if the business were not mutual.\n(4) The person—\n(a) to whom the profit arises for corporation tax purposes, or\n(b) who is regarded as receiving or entitled to the profit for income tax purposes,\nis the person who would satisfy that description if the business were not mutual business.\n(5) Nothing in this section affects the operation of section 488 (co-operative housing associations).”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1998/36/schedule/5/paragraph/5",
    "retrieved_at": "2026-10-29T09:22:30.566925+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "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."
}