Section 40 Credit unions
(1)
If a credit union—
(a)
makes loans to its members, or
(b)
invests its surplus funds (by placing them on deposit or otherwise),
that is not treated, in calculating the credit union's income, as the carrying on of a trade or part of a trade.
(2)
In this section “surplus funds” means funds not immediately required for the credit union's purposes.
Notes on Part 3
Modifications
- C1
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)