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’ 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 workingmen’s club) is regarded as a members’ club for tax purposes.