322 Release of debts: cases where credits not required to be brought into account
Corporation Tax Act 2009 (2009 c 4) | Legislation

322  Release of debts: cases where credits not required to be brought into account

(1)     This section applies if—

(a)     a liability to pay an amount under a company's debtor relationship is released, and

(b)     the release takes place in an accounting period for which an amortised cost basis of accounting is used in respect of that relationship.

(2)     The company is not required to bring into account a credit in respect of the release for the purposes of this Part if [any of conditions A to [E]] is met.

(3)     Condition A is that the release is part of a statutory insolvency arrangement.

(4)     Condition B is that the release is [not a release

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