Part IVU.K. Income Tax, Corporation Tax and Capital Gains Tax

Chapter IU.K. General

MiscellaneousU.K.

144 Debts released in voluntary arrangement: relief from tax.U.K.

F1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)The provisions of that section shall become subsection (1) of that section and after that subsection there shall be inserted—

“(2)In paragraph (j) of subsection (1) above “relevant arrangement or compromise” means—

(a)a voluntary arrangement which has taken effect under or by virtue of the Insolvency Act 1986 or the Insolvency (Northern Ireland) Order 1989; or

(b)a compromise or arrangement which has taken effect under section 425 of the Companies Act 1985 or Article 418 of the Companies (Northern Ireland) Order 1986.”

(3)In the Taxes Act 1988—

(a)in section 94 (debts deducted and subsequently released) after the word “released” where it first occurs, and

(b)in section 103(4)(b) (debts deducted before, but released after, discontinuance of trade, etc.) after the word “released”,

there shall be inserted “ otherwise than as part of a relevant arrangement or compromise ”.

(4)The provisions of section 94 of the Taxes Act 1988 shall become subsection (1) of that section and after that subsection there shall be inserted—

“(2)In subsection (1) above “relevant arrangement or compromise” has the same meaning as in section 74.”

F2(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)Subsection (3) above shall have effect in relation to the release on or after 30th November 1993 of the whole or any part of any debt.

Textual Amendments