Finance Act, 1980

Amendment of section 336 (trade unions) of Income Tax Act, 1967.

11.Section 336 of the Income Tax Act, 1967 , is hereby amended, as respects the year 1980-81 and subsequent years of assessment, by the substitution of “£2,000” for “£600” and of “£750” for “£450” (inserted by the Finance Act, 1973 ), and the said section (apart from the second paragraph), as so amended, is set out in the Table to this section.


336. A registered trade union which is precluded, by statute or by its rules, from assuring to any person a sum exceeding £2,000 by way of gross sum, or £750 a year by way of annuity, shall be entitled to exemption from tax under Schedules C, D and F in respect of its interest and dividends which are applicable and applied solely for the purpose of provident benefits.