Section 130 — Finance Act 2008: Set-off ...

Set-off ... 130 1 This section applies where there is both a credit and a debit in relation to a person.

2 The Commissioners may set the credit against the debit (subject to section 131 and any obligation of the Commissioners to set the credit against another sum).

3 The obligations of the Commissioners and the person concerned are discharged to the extent of any set-off under subsection (2). 4 “ Credit ”, in relation to a person, means—

a a sum that is payable by the Commissioners to the person under or by virtue of an enactment, or b a relevant sum that may be repaid to the person by the Commissioners.

5 For the purposes of subsection (4), in relation to a person, “ relevant sum ” means a sum that was paid in connection with any liability (including any purported or anticipated liability) of that person to make a payment to the Commissioners under or by virtue of an enactment or under a contract settlement. 6 “ Debit ”, in relation to a person, means a sum that is payable by the person to the Commissioners under or by virtue of an enactment or under a contract settlement.

7 In this section references to sums paid, repaid or payable by or to a person (however expressed) include sums that have been or are to be credited by or to a person.

8 This section has effect without prejudice to any other power of the Commissioners to set off amounts. 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .