Modifications etc. (not altering text)
C1 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.
[F1(1)]M1Where, in computing for tax purposes the [F2profits] 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 [F3otherwise 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.
[F4(2)In subsection (1) above “relevant arrangement or compromise” has the same meaning as in section 74.]
Textual Amendments
F1S. 94 renumbered as s. 94(1) (3.5.1994) by virtue of Finance Act 1994 (c. 9), s. 144(4)
F2Words in s. 94(1) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a)(b), Sch. 7 para. 1
F3Words in s. 94(1) inserted (with effect in accordance with s. 144(7) of the amending Act) by Finance Act 1994 (c. 9), s. 144(3)(a)
F4S. 94(2) inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 144(4)
Marginal Citations
M1SOURCE-1970 s. 136