# Income Tax Act 2007, Section 401: Loan to invest in co-operative


(1) This section applies to a loan to an individual that is used in one or more of the ways specified in subsection (2).
(2) The ways are—
(a) acquiring shares in a body which is a co-operative,
(b) lending money to any such body which is used wholly and exclusively for the purposes of the business of that body or of a subsidiary of that body, and
(c) repaying another loan to which this section applies.
(3) In this Chapter—
“co-operative” means a common ownership enterprise or a co-operative enterprise as defined in section 2 of the Industrial Common Ownership Act 1976 (c. 78), and
“subsidiary”, in relation to a co-operative, has the same meaning as for the purposes of section 2 of that Act.

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Source: https://www.legislation.gov.uk/ukpga/2007/3/section/401 (the official version)
Page: https://openlegislation.uk/income-tax-act-2007/section-401
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.