C1Part 3Trading income
Annotations:
Modifications etc. (not altering text)
C2Chapter 15Post-cessation receipts
Annotations:
Modifications etc. (not altering text)
C2
Pt. 3 Ch. 15 applied (with modifications) (22.7.2020) by Finance Act 2020 (c. 14), Sch. 16 para. 2(3)(b)
Sums treated as post-cessation receipts
192Debts paid after cessation
1
This section applies if, in calculating the profits of a trade for corporation or income tax purposes, a deduction is made in respect of a debt under—
a
section 55 (bad debts), or
b
section 35 of ITTOIA 2005 (bad and doubtful debts),
and a person permanently ceases to carry on the trade.
2
A sum received after the cessation is treated as a post-cessation receipt so far as the deduction is made.
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)