SCHEDULES
SCHEDULE 6Accounting practice and related matters
Meaning of “statutory insolvency arrangement”
3
1
For section 259 of ITTOIA 2005 (trading income: meaning of “statutory insolvency arrangement”) substitute—
259Meaning of “statutory insolvency arrangement”
In this Part “statutory insolvency arrangement” means—
a
a voluntary arrangement that has taken effect under or as a result of the Insolvency Act 1986, Schedule 4 or 5 to the Bankruptcy (Scotland) Act 1985 or the Insolvency (Northern Ireland) Order 1989,
b
a compromise or arrangement that has taken effect under section 425 of the Companies Act 1985 or Article 418 of the Companies (Northern Ireland) Order 1986, or
c
any arrangement or compromise of a kind corresponding to any of those mentioned in paragraph (a) or (b) that has taken effect under or by virtue of the law of a country or territory outside the United Kingdom.
2
This amendment has effect for the tax year 2005-06 and subsequent tax years in relation to periods of account beginning on or after 1st January 2005.