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Changes over time for: Cross Heading: Bad and doubtful debts


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 06/04/2005.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax (Trading and Other Income) Act 2005, Cross Heading: Bad and doubtful debts.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Bad and doubtful debtsU.K.
35Bad and doubtful debtsU.K.
(1)In calculating the profits of a trade, no deduction is allowed for a debt owed to the person carrying on the trade, except so far as—
(a)the debt is bad,
(b)the debt is estimated to be bad, or
(c)the debt is released wholly and exclusively for the purposes of the trade as part of a statutory insolvency arrangement.
(2)If the debtor is bankrupt or insolvent, the whole of the debt is estimated to be bad for the purposes of subsection (1)(b), except so far as any amount may reasonably be expected to be received on the debt.
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