CTM40410 - Particular bodies: housing associations: summary of tax treatment
»Ê¹ÚÌåÓýapp guidance at CTM40400 onwards concerns housingassociations (CTM40405) that are ‘registered societiesâ€� in Great Britian, formerly industrial and provident societies (see CTM40505 onwards). »Ê¹ÚÌåÓýappy are companies for thepurposes of the Taxes Acts and are chargeable to CT on their income and chargeable gains(see CG73100 onwards) subject to such relief as is available under:
- CTA10/S642 - co-operative housing associations (CTM40415 -CTM40445).
- Section 54 Housing Act 1988 (in Northern Ireland, Article 22, Housing (NI) Order 1992 (SI92/1725(NI15)) tax relief grants (CTM40450 � now essentially defunct).
- CTA10/PART11/CHAPTER3 - charitable bodies (CTM40460).
A housing association can be a company with investment business within CTA10/S1218B, but it will depend on the particular facts in each case, see CTM08040.
As regards management co-operatives, see CTM40465.
As regards self-build societies approved under CTA10/S651, see CTM40470.
Treatment of interest paid
Interest paid is dealt with under the loan relationship provisions. Relief for interest payable is therefore available as a trade or non-trade debit. Excess debits may be carried forward and relieved against trading or non-trading credits in the normal way.
CTSA applies to housing associations in the same way as for any other body corporate.