I fully take the hon. Gentleman’s point. That was recently made apparent within the precincts of this Parliament when a delegation from the Irish League of Credit Unions gave evidence to the all-party group on credit unions, chaired by the hon. Member for Worcester (Mr Walker). The league pointed out that nearly 450,000 credit union members are accredited to it in Northern Ireland. The credit unions in Northern Ireland have total assets of over £1.2 billion.
Credit unions do not pay corporation tax on their lending activity—perhaps that was one of the misdirections in my original amendment in Committee—but they do pay it on their investments. There are issues about how the regulators have treated that in limiting some of the investments that they are able to make, although my conversations with regulators suggest that we may be turning a corner of understanding and a slightly more relaxed interpretation may be on the way. In 2012, credit unions in Northern Ireland paid £3.75 million in corporation tax on their investments. The three credit unions in my constituency alone pay between them over £0.5 million in corporation tax on their investments. That is a significant amount of money to them given that it purely goes back to their members in dividend payments. It is not going off to make profits by being speculatively invested in property or in any dubious market activities; it is staying very much within the traditional meat and drink of credit union activity, and rightly so. On that basis, it would be perverse to treat credit unions as being in the same category as a financial services corporation that may try to move in from London, Edinburgh or elsewhere in order to artificially avail itself of a devolved corporation tax rate.