The commentary below considers the exposure of members to tax on chargeable gains of investment clubs. For an overview of the taxation of chargeable gains generally, see C1.101.
An investment club is a group of people who join together to invest, primarily on the stock exchange. Each investment club should have a constitution and rules by which it is run. The rules should set out what proportionate part of the club's investment is owned by each member. Note that the members' proportionate entitlement changes every time capital is invested in or withdrawn from the club.1
Such a body is normally an unincorporated association, and therefore by virtue of CTA 2010, s 1121 is within
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