Related Commentary  Related HMRC Manuals

98(1)  This section explains for the purposes of section 96 what is meant by–

(a)a “qualifying event”  occurring in relation to a debt owed to a person who has permanently ceased to carry on a trade, and

(b)the appropriate amount of the debt”  to be deducted in calculating a person's net income for “the relevant tax year” .

98(2)  A qualifying event occurs in relation to a debt owed to the person if–

(a)an unpaid debt was brought into account in calculating the profits of the trade,

(b)the person is entitled to the benefit of the debt, and

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