Income Tax Act 2007 (c. 3)

Part 8 U.K. Other reliefs

Chapter 1 U.K. Interest payments

Loans for investing in co-operatives U.K.

401 Loan to invest in co-operative U.K.

(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.