If a social or recreational club is incorporated under the
Industrial and Provident Societies' Acts, the members of the club
are required to be the club's shareholders. No member is allowed to
hold a large amount of share capital. A club incorporated under
these Acts (for example, a working- men's club) is regarded as a
members' club for tax purposes.
See
CTM40565 - CTM40570 as regards interest
paid (including any interest paid on share capital).
