Statute
Section 970 — Corporation Tax Act 2009: Rule restricting deductions for bad debts
Text of the provision Official document
Rule restricting deductions for bad debts 970 1 This section applies only to debts to which Part 5 (loan relationships) does not apply.
2 In calculating the income of an office held by a company, no deduction is allowed in respect of a 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 office as part of a statutory insolvency arrangement.
3 In this section “ debt ” includes an obligation or liability that falls to be discharged otherwise than by the payment of money.
Official source: legislation.gov.uk
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