Statute
Section 40 — Corporation Tax Act 2009: Credit unions
Text of the provision Official document
Credit unions 40 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.
Official source: legislation.gov.uk
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