(1)This section applies only to debts to which Part 5 (loan relationships) does not apply.
(2)In calculating the income of an office held by a company, no deduction is allowed in respect of a debt owed to the company, except—
(a)by way of impairment loss, or
(b)so far as the debt is released wholly and exclusively for the purposes of the office as part of a statutory insolvency arrangement.
(3)In this section “debt” includes an obligation or liability that falls to be discharged otherwise than by the payment of money.