# Income Tax (Trading and Other Income) Act 2005, Section 483: Exclusion of credit union group life policies

Extent: E+W+S+N.I.

(1) This Chapter does not apply to a credit union group life policy.
(2) In this section “credit union group life policy” means a group life policy with the sole object of providing, on the death or disability of any of the individuals insured under it, a sum substantially the same as any amount then outstanding under a loan made to that individual by a credit union.
(3) In this section “credit union” means a society registered as a credit union under—
(a) the Co-operative and Community Benefit Societies Act 2014, or
(b) the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12)).

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Source: https://www.legislation.gov.uk/ukpga/2005/5/section/483 (the official version)
Page: https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-483
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.