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.