Credit unions are incorporated as ‘registered societies’ in Great Britain, or industrial and provident societies in NI (see CTM40505) and are therefore within the definition of company for tax purposes at CTA10/S1121 and the charge to CT. They are subject to the normal rules applying to the taxation of companies, as modified by various provisions in CTA09 and CTA10, some of which apply to credit unions only and some of which apply to all ‘registered societies’.

The effects of these provisions on the corporation tax liability of credit unions are as follows:

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