Yn ddilys o 07/04/2005
20(1)In Schedule 29 to FA 2002 (gains and losses of a company from intangible fixed assets), paragraph 115 (bad debts etc) is amended as follows.U.K.
(2)For sub-paragraph (1) substitute—
“(1)No debit may be brought into account for the purposes of this Schedule in respect of a debt owed to the company, except—
(a)by way of impairment loss, or
(b)to the extent that the debt is released as part of a statutory insolvency arrangement.”.
(3)Omit sub-paragraph (2).
(4)In sub-paragraph (3) for “sub-paragraph (1)(c)” substitute “ sub-paragraph (1)(b) ”.
(5)After sub-paragraph (5) insert—
“(6)In this paragraph “debt” includes an obligation or liability that falls to be discharged otherwise than by the payment of money.”.