{
  "url": "https://openlegislation.uk/corporation-tax-act-2009/section-40",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2009/section-40.json",
  "legislation": "ukpga/2009/4",
  "legislation_title": "Corporation Tax Act 2009",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2009",
  "path": "section/40",
  "kind": "section",
  "number": "40",
  "heading": "Credit unions",
  "text": "(1) If a credit union—\n(a) makes loans to its members, or\n(b) invests its surplus funds (by placing them on deposit or otherwise),\nthat is not treated, in calculating the credit union's income, as the carrying on of a trade or part of a trade.\n(2) In this section “surplus funds” means funds not immediately required for the credit union's purposes.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2009/4/section/40",
    "retrieved_at": "2026-10-29T09:11:19.560467+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}