Section 401 — Income Tax Act 2007: Loan to invest in co-operative

Loan to invest in co-operative 401 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.