Part 8

Other reliefs
Chapter 1

Interest payments

Loans for investing in co-operatives

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.