[James]

Can I check, do Credit Unions that make overall losses for a year, nevertheless have to pay Corporation Tax on the bank interest they earned in the year?

If so has anyone approached HMRC on this as the HMRC site does have guidance that appears to say we can offset non-trading losses against profits

“CFM32050 – Loan relationships: non-trading deficits: claims for set-off against profits of the same or earlier periods

CTA09/S463BGeneral conditions for claims

Subject to a valid claim, companies can set non-trading deficits against any profits of the same period or non-trading profit of the earlier periods.

No claim can be made in respect of a deficit that is surrendered as group relief.

No claim can be made by a company that is a charity.”

Note it specifically excludes charities, but makes no mention of Credit Unions, which leads me to think the offset would be legitimate.

yours, Jim Taylor

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[John]

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John CEO FAIRshare Credit Union https://www.fairshare.uk.com/

[John]

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John CEO FAIRshare Credit Union https://www.fairshare.uk.com/

[Simon]

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Simon Haslam; Chair Derbyshire Community Bank

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