Statute
Section 55 — Corporation Tax Act 2009: Bad debts
Text of the provision Official document
Bad debts 55 1 This section applies to non-money debts to which neither Part 7 (derivative contracts) nor Part 8 (intangible fixed assets) applies.
2 In calculating the profits of a company's trade, no deduction is allowed in respect of a non-money debt owed to the company, except—
a by way of impairment loss, or b so far as the debt is released wholly and exclusively for the purposes of the trade as part of a statutory insolvency arrangement.
3 In this section “ non-money debt ” means a debt which is not a money debt for the purposes of Part 5 (loan relationships).
Official source: legislation.gov.uk
There are no decisions in our collection citing this provision yet. As new judgments are published, they will appear here.
Search case law on this topic
See judgments from UK courts and tribunals with a plain-English summary and legal holding.
Explore case law →