Finance Act 1972

123 Registered trade unions

(1) Notwithstanding section 80 of the [1971 c. 72.] Industrial Relations Act 1971 and the repeals made by that Act—

(a) no organisation which, immediately before 1st October 1971, was a registered trade union shall be treated for the purposes of section 338 of the Taxes Act (exemption of income and gains applied for the purpose of provident benefits) as having ceased to be such a trade union before the end of 5th April 1972; and

(b) any organisation which is for the time being entered in the provisional register maintained under the Act of 1971 shall for the purposes of section 338 of the Taxes Act and subsection (2) of this section be treated as a registered trade union.

(2) The exemption from tax conferred by section 338 of the Taxes Act shall not extend to so much of the income or gains of a trade union registered either in Great Britain or Northern Ireland as is after 5th April 1972 applied for the purpose of provident benefits paid to persons residing in the other of those countries, unless the majority of its members reside in the country in which it is registered.