http://www.legislation.gov.uk/id/ukpga/1996/8/schedule/14

SCHEDULES

SCHEDULE 14 Loan relationships: minor and consequential amendments

The Taxes Act 1988

31

1

In subsection (1) of section 487 of that Act (credit unions), for paragraph (b) there shall be substituted the following paragraph—

b
no credits shall be brought into account for the purposes of Chapter II of Part IV of the Finance Act 1996 in respect of any loan relationship of a credit union as respects which a member of the union stands in the position of a debtor as respects the debt in question.

2

In subsection (3) of that section—

a

for “No share interest, loan interest or annuity or other annual payment” there shall be substituted “ An annuity or other annual payment (not being a payment of share interest or loan interest) which is ”; and

b

after “shall” there shall be inserted “ not ”.

3

After that subsection there shall be inserted the following subsection—

3A
No debits shall be brought into account for the purposes of Chapter II of Part IV of the Finance Act 1996 in respect of any loan relationship of a credit union as respects which a member of the union stands in the position of a creditor as respects the debt in question.