Section 132 — Finance Act 2008: VAT: requirement to set-off

VAT: requirement to set-off 132 1 Section 81 of VATA 1994 (set-off of credits etc) is amended as follows.

2 For subsection (4C) substitute— 4C In this section, references to the application of an insolvency procedure to a person do not include—

a the application of an insolvency procedure to a person at a time when another insolvency procedure applies to the person, or b the application of an insolvency procedure to a person immediately upon another insolvency procedure ceasing to have effect.

3 In subsection (5)—

a omit paragraph (a),

b in paragraph (b)—

i for “that Act of 1986” substitute “ the Insolvency Act 1986 ” , and ii for “that Order of 1989” substitute “ the Insolvency (Northern Ireland) Order 1989 ” , and c before the “and” at the end of paragraph (b) insert—

ba “ administrator ” means a person appointed to manage the affairs, business and property of another person under Schedule B1 to that Act or to that Order; .