495. Co-operative housing associations.

If a housing association1 makes a claim for an accounting period2 or part of an accounting period during which the association was approved for these purposes3, rent to which the association was entitled from its members for the accounting period or part of an accounting period is ignored for tax purposes4. The association is treated for corporation tax purposes as if any interest payable by it for the accounting period or part of an accounting period were not payable5 but this does not apply so far as the interest is attributable to property that is not subject to a