CTM40162 - Particular bodies: credit unions: returns required
ITA07/S887
Credit unions (as for all registered societies/industrial and provident societies) are required to make returns under ITA07/S887 (2) of share interest paid – ITA07/S874 (5). Such payments of share interest are made gross.
ITA07/S887 requires the society to make a return within 3 months of the end of each accounting period of all payments over £15 made to any person. In practice returns are required only for payments of £250 and over.
The return should include the name and address of each person to whom such a gross payment of £250 or more has been made and the amount paid to each.
Returns should be submitted to HM Revenue and Customs Data Acquisition electronically.
There is information on how the process works for credit unions at:
If the return is not delivered then the society will not be entitled to relief from its profits for the amounts paid (CTA09/S500).