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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 27 March 2013 - onwards
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133. Limitation on meaning of "distribution" - general.

(1)

(a) In this section -

"agricultural society" means a society -

(i) in relation to which both the following conditions are satisfied:

(I) the number of the society's members is not less than 50, and

(II) all or a majority of the society's members are persons who are mainly engaged in and derive the principal part of their income from husbandry,

or

(ii) to which a certificate to which this subparagraph applies has been issued;

''fishery society'' means a society -

(i) in relation to which both the following conditions are satisfied:

(I) the number of the society's members is not less than 20, and

(II) all or a majority of the society's members are persons who are mainly engaged in and derive the principal part of their income from fishing,

or

(ii) to which a certificate to which this subparagraph applies has been issued;

"relevant principal" means an amount of money advanced to a borrower by a company which is within the charge to corporation tax and the ordinary trading activities o

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