Clause 56 - Community investment tax relief
Finance Bill
10:15 am
Mr Rob Marris (Wolverhampton South West, Labour)
Can my right hon. Friend the Financial Secretary say whether the clause and schedule apply to co-operatives and credit unions, which I and many Labour Members are keen to encourage?
Mr. Boateng: We are taking a range of other measures specifically to support co-operatives and credit unions, in which my hon. Friend the Economic Secretary takes a particular interest. It would certainly be open to the Co-operative bank, other co-operative societies and credit unions that hold resources in this area to participate in this initiative when they have brought their specific proposals within the general accreditation rules. The provision is not aimed specifically at co-ops and credit unions, but, subject to the accreditation rules, they will be able to participate. My hon. Friend the Economic Secretary is working with the co-operative movement and credit unions on a number of specific initiatives that will assist them and other mutuals.