Section 397 — Corporation Tax Act 2009: Credit unions

Credit unions 397 1 In calculating the income of a credit union for any accounting period, no credit is to be brought into account for the purposes of this Part in respect of a loan relationship of the union if a member of the union stands in the position of debtor in relation to the debt in question.

2 But subsection (1) does not apply if the credit union—

a is obliged to make a return under section 887(2) of ITA 2007 for the accounting period, and b has not done so within—

i 3 months after the end of the period, or ii such longer period as an officer of Revenue and Customs allows.

3 No debit is to be brought into account for the purposes of this Part in respect of a loan relationship of a credit union if a member of the union stands in the position of creditor in relation to the debt in question.