- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/10/1996)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 31/07/1998
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Income and Corporation Taxes Act 1988, Section 301 is up to date with all changes known to be in force on or before 12 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)M1For the purposes of section 300(2)(d) a company shall be treated as having released or waived a liability if the liability is not discharged within 12 months of the time when it ought to have been discharged.
(4)For the purposes of section 300(2)(e) there shall be treated as if it were a loan made by the company to the individual—
(a)the amount of any debt (other than an ordinary trade debt) incurred by the individual to the company; and
(b)the amount of any debt due from the individual to a third person which has been assigned to the company.
(5)In this section and section 300, “an ordinary trade debt” means any debt for goods or services supplied in the ordinary course of a trade or business where the credit given does not exceed six months and is not longer than that normally given to the customers of the person carrying on the trade or business.
(6)In this section and section 300—
(a)any reference to a payment or transfer to an individual includes a reference to a payment or transfer made to him indirectly or to his order or for his benefit; and
(b)any reference to an individual includes a reference to an associate of his and any reference to the company includes a reference to any person connected with the company.
[F2(6A)Section 312(1A)(a) applies to determine the relevant period for the purposes of section 300]
(7)F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 301(1)(2) repealed (with effect as mentioned in s. 137(1)(2), Sch. 26 Pt. 5(17) Note of the repealing Act) by Finance Act 1994 (c. 9), Sch. 15 para. 15(a), Sch. 26 Pt. 5(17)
F2S. 301(6A) inserted (with effect as mentioned in s. 137(1)(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 15 para. 15(b)
F3S. 301(7) repealed (with effect as mentioned in s. 137(1)(2), Sch. 26 Pt. 5(17) Note of the repealing Act) by Finance Act 1994 (c. 9), Sch. 15 para. 15(c), Sch. 26 Pt. 5(17)
Marginal Citations
M1Source-1981 s.58(6)-(9); 1983 Sch.5 8(2); 1986 Sch.9 10(3); 1987 Sch.15 14(2)
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