94 Debts deducted and subsequently released.U.K.
[F1(1)]M1Where, in computing for [F2corporation tax purposes] the [F3profits] of a [F4trade or profession], a deduction has been allowed for any debt incurred for the purposes of the [F4trade or profession], then, if the whole or any part of the debt is thereafter released [F5otherwise than as part of a [F6statutory insolvency arrangement]], the amount released shall be treated as a receipt of the [F4trade or profession] arising in the period in which the release is effected.
(2)F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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 (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 73(a) (with Sch. 2)
F3Words in s. 94(1) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a)(b), Sch. 7 para. 1
F4Words in s. 94(1) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 73(b) (with Sch. 2)
F5Words 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)
F6Words in s. 94(1) substituted (with effect in accordance with s. 80(3)(4) of the amending Act) by Finance Act 2005 (c. 7), Sch. 4 para. 4(2)
F7S. 94(2) repealed (with effect in accordance with s. 80(3)(4) of the repealing Act) by Finance Act 2005 (c. 7), Sch. 4 para. 4(3), Sch. 11 Pt. 2(5), Note
Marginal Citations
M1SOURCE-1970 s. 136