C1Part 3Trading income
Annotations:
Modifications etc. (not altering text)
Chapter 2Income taxed as trade profits
Trades and trade profits
40Credit unions
1
If a credit union—
a
makes loans to its members, or
b
invests its surplus funds (by placing them on deposit or otherwise),
that is not treated, in calculating the credit union's income, as the carrying on of a trade or part of a trade.
2
In this section “surplus funds” means funds not immediately required for the credit union's purposes.
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)