PART IV PROVISIONS RELATING TO THE SCHEDULE D CHARGE
C1CHAPTER V COMPUTATIONAL PROVISIONS
Annotations:
Modifications etc. (not altering text)
Treatment of regional development and other grants and debts released etc.
94 Debts deducted and subsequently released.
F11
M1Where, in computing for tax purposes the F4profits of a trade, profession or vocation, a deduction has been allowed for any debt incurred for the purposes of the trade, profession or vocation, then, if the whole or any part of the debt is thereafter released F2otherwise than as part of a relevant arrangement or compromise, the amount released shall be treated as a receipt of the trade, profession or vocation arising in the period in which the release is effected.
F32
In subsection (1) above “relevant arrangement or compromise” has the same meaning as in section 74.
See—1979(C) s.122—election to take capital gain or loss into account when asset appropriated to stock in trade.1989 ss.67-74—employee share ownership trusts.Banking Act 1987 (c.22) s.66—contributions to the Deposit Protection Fund.