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(2) A registered trade union which is precluded by statute or by its rules from assuring to any persons a sum exceeding £8,000 €10,160 by means of gross sum or £2,000 €2,540 a year by means of annuity shall be entitled to exemption from income tax under Schedules C, D and F in respect of its interest and dividends which are applicable and applied solely for one or more of the following purposes—

(4) A person who makes a false or fraudulent claim for exemption under this section in respect of any interest, annuities, dividends or shares of annuities charged or chargeable under Schedule C shall forfeit the sum of £100 €125.

(2) A registered trade union which is precluded by statute or by its rules from assuring to any persons a sum exceeding £8,000 €10,160 by means of gross sum or £2,000 €2,540 a year by means of annuity shall be entitled to exemption from income tax under Schedules C, D and F in respect of its interest and dividends which are applicable and applied solely for one or more of the following purposes—