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Finance Act 1991
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74 Trade unions and employers’ associations.U.K.
(1)Section 467 of the Taxes Act 1988 (trade unions and employers’ associations) shall be amended as follows.
(2)In subsection (1) (exemption for certain income and gains of a trade union precluded by Act or rules from assuring to any person a sum exceeding £3,000 by way of gross sum or £625 by way of annuity)—
(a)for “£3,000” there shall be substituted “£4,000 ”, and
(b)for “£625” there shall be substituted “£825 ”.
(3)In subsection (3) (matters to be disregarded in applying subsection (1)) for “£625” there shall be substituted “£825 ”.
(4)After subsection (3) there shall be inserted—
“(3A)The Treasury may by order substitute for any figure for the time being specified in this section such greater figure as may be specified in the order; and any amendment made in exercise of the power conferred by this subsection shall have effect in relation to such income or gains as may be specified in the order.”
(5)In subsection (4) (definition of “trade union”)—
(a)in paragraphs (a) and (b), for “Registrar of Friendly Societies” there shall be substituted “Certification Officer ”; and
(b)for “and” at the end of paragraph (b) there shall be substituted—
“(ba)any trade union within the meaning of the Trade Union Act 1871 registered in Northern Ireland under section 6 of that Act; and”.
(6)Subsections (2) and (3) above shall have effect in relation to income or gains which are applicable and applied as mentioned in section 467 of the Taxes Act 1988 on or after 1st April 1991.
(7)Subsection (5) above shall be deemed always to have had effect.
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