Related Commentary  Related HMRC Manuals

248(1)  Subsection (2) applies if, in calculating the profits of a trade for income or corporation tax purposes, a deduction is made in respect of a debt under–

(a)section 35 (bad and doubtful debts), or

(b)section 74(1)(j) of ICTA (corresponding corporation tax provision),

and a person permanently ceases to carry on the trade.

248(2)  A sum received after the cessation is treated as a post-cessation receipt so far as the deduction is made.

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