BIM24245 - Meaning of trade: mutual trading and members clubs: members' clubs: incorporated as industrial and provident societies
If a social or recreational club is incorporated under the Industrial and Provident Societies鈥� Acts, the members of the club are required to be the club鈥檚 shareholders. No member is allowed to hold a large amount of share capital. A club incorporated under these Acts (for example, a workingmen鈥檚 club) is regarded as a members鈥� club for tax purposes.