Statute
Section 94 — Corporation Tax Act 2009: Debts incurred and later released
Text of the provision Official document
Debts incurred and later released 94 1 This section applies if—
a in calculating the profits of a trade, a deduction is allowed for the expense giving rise to a debt owed by the company carrying on the trade, b all or part of the debt is released, and c the release is not part of a statutory insolvency arrangement.
2 The amount released—
a is brought into account as a receipt in calculating the profits of the trade, and b is treated as arising in the accounting period in which the release is effected.
Official source: legislation.gov.uk
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