Street cred

KEY POINTS

• Exactly what is a credit union?
• The membership of credit unions.
• The rules relating to credit unions.
• Loans and dividends to members.

As the recession takes hold consideration should be given to tax-efficient finance and investments on a daily basis and not simply at the year-end in order to use up outstanding allowances.

One point which has perhaps not received proper consideration is that of the credit union a form of financial co-operative which may be locally based or the members of which may be employees of a particular employer or members of another organisation.

As will appear from the wording of the legislation examined below the concept was originally intended (somewhat paternalistically) to benefit financially unsophisticated individuals on low incomes but it is not specifically so restricted.

Employers in particular...