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HMRC internal manual

Company Taxation Manual

Particular bodies: clubs: incorporated under the Co-operative and Community Benefit Societies Act 2014 (formerly the Industrial & Provident Societies Acts)

If a social or recreational club is incorporated under the above Act, 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 workingmen’s club) is regarded as a members’ club for tax purposes.

See CTM40565 - CTM40570 as regards interest paid (including anyinterest paid on share capital).