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(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.
(1)Interest on a loan within section 401 to an individual is eligible for relief only if conditions A to C are met.
(2)Condition A is that when the interest is paid the body continues to be a co-operative.
(3)Condition B is that in the period from the use of the loan to the payment of the interest the greater part of the individual's time has been spent working as an employee of the body or of a subsidiary of the body.
(4)Condition C is that in that period the individual has not recovered any capital from the body, apart from any taken into account under section 406(2) (recovered capital that is treated as a repayment of the loan).
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