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 F4corporation tax purposes the F3profits of a F5trade or profession, a deduction has been allowed for any debt incurred for the purposes of the F5trade or profession, then, if the whole or any part of the debt is thereafter released F2otherwise than as part of a F6statutory insolvency arrangement, the amount released shall be treated as a receipt of the F5trade or profession arising in the period in which the release is effected.
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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.