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Finance Act 2005
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ICTA
5(1)Section 103 of ICTA (receipts after discontinuance) is amended as follows.
(2)In subsection (4)(b) for “relevant arrangement or compromise” substitute “statutory insolvency arrangement”.
(3)Omit subsection (4A).
(4)In subsection (5) as it had effect before ITTOIA 2005 for “a deduction has been allowed in respect of that sum under section 74(j)” substitute “a deduction has been made for tax purposes in respect of an impairment loss or a release of liability”.
(5)In subsection (5) as amended by ITTOIA 2005 for “a deduction has been allowed in respect of that sum under section 74(j) or section 35 of ITTOIA 2005” substitute “a deduction has been made for tax purposes in respect of an impairment loss or a release of liability”.
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