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Corporation Tax Act 2009

Section 133: Annual payments paid by a credit union

516.This section denies a trading deduction for an annual payment made by a credit union. It is based on section 487 of ICTA.

517.Most credit unions do not carry on a trade for tax purposes. This is the consequence of section 40. But it is possible that some of the activities of a credit union fall outside the scope of the rule in that section. In that case, a calculation of the profits of the trade is required.

518.It is also possible that a credit union carries on a property business. So section 210(2) applies the trading income rule to property businesses.

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