Particular bodies: credit unions: returns required
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 sent to:
HM Revenue and Customs
Centre for National Information
Ground Floor, Government Buildings
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).