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.