Part 5Loan Relationships
Chapter 11Other special kinds of company
Credit unions
397Credit unions
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.