Debts

(re)negotiation services

Commentary – VAT Reporter ¶40-200(16)

HMRC Guidance – Notice 718

Alternative property finance relief

Generally

Commentary – SDLT Reporter ¶72-500

Associated companies, interest payable

– see Interest

Attribution of payments

Legislation/Regulatory – SI 1996/1527 reg. 27

Bad

– see Bad debt relief

Bad debt relief

– see Bad debt relief

Bad, credit for

Legislation/Regulatory – FA96 s. 52 ; SI 1996/1527 reg. 22

Bankruptcy order, court's jurisdiction

Case Law – Re a Debtor No. 784 of 1991, The Debtor v. Inland Revenue Commissioners and Official Receiver. [1992] BTC 8,082

Business assets sold to satisfy

Generally

Legislation/Regulatory – VATA94 Sch. 4, para. 7

Regulations

Legislation/Regulatory – VATA94 Sch. 11, para. 2(12)

Capital gains tax

Foreign currency bank accounts

Legislation/Regulatory – M03/10 ; M13/09 ; SP 10/84 ; TCGA92 s. 252, 252A, Sch. 8A

General provisions

Legislation/Regulatory – TCGA92 s. 251

HMRC Guidance – BIM42735 ; CG12200 ; CG12430 ; CG12970 ; CG13028 ; CG13150 ; CG14990 ; CG46121 ; CG50220 ; CG50229 ; CG53405 ; CG53407 ; CG53420 ; CG53424 ; CG53440 ; CG53445 ; CG53446 ; CG53450 ; CG53471 ; CG53473 ; CG53485 ; CG53496 ; CG53510 ; CG53511 ; CG53514 ; CG53515 ; CG53516 ; CG53516A ; CG53517 ; CG53518 ; CG54025 ; CG54030 ; CG54060 ; CG54125 ; CG54130 ; CG54219 ; CG54236 ; CG54241 ; CG55026 ; CG65910 ; CG72870 ; CG78325 ; SVM107090 ; SVM107150 ; VCM74120

Generally

Commentary – Essential Tax Companion ¶14405 ; Essential Tax Companion ¶15050

Loans to traders, relief

Legislation/Regulatory – TCGA92 s. 253

HMRC Guidance – CG12220 ; CG12230 ; CG15812 ; CG15830 ; CG17245 ; CG40234 ; CG53472 ; CG53497 ; CG53502 ; CG65900 ; CG65910 ; CG65911 ; CG65930 ; CG65950 ; CG65955 ; CG65956 ; CG65957 ; CG65958 ; CG65990 ; CG65991 ; CG65995 ; CG66040 ; CG66060 ; CG66060P ; CG66070 ; CG66071 ; CG66072 ; CG66081 ; CG73500 ; LLM6050 ; SACM9010

Location

Legislation/Regulatory – TCGA92 s. 275(1)(c), (l)

Chargeable consideration

Debt, defined

Commentary – SDLT Reporter ¶40-705

Gifts

Commentary – SDLT Reporter ¶40-720

Joint owners

Commentary – SDLT Reporter ¶40-710

Overview

Commentary – SDLT Reporter ¶40-700

Planning obligations

Commentary – SDLT Reporter ¶40-715

Chargeable gains

Allowable loss

Commentary – Tax Reporter ¶524-850

Connected persons

Commentary – Tax Reporter ¶510-950

Convertibility

Commentary – Tax Reporter ¶511-500

Case Law – Aberdeen Construction Group Ltd. v. Commissioners of Inland Revenue. ; Cleveleys Investment Trust Co. v. Commissioners of Inland Revenue

Debt on a security

Commentary – Tax Reporter ¶511-500 ; Tax Reporter ¶555-000 ; Tax Reporter ¶742-720

HMRC Guidance – CG50200 ; CG50220

Case Law – Aberdeen Construction Group Ltd. v. Commissioners of Inland Revenue. ; Cleveleys Investment Trust Co. v. Commissioners of Inland Revenue

Default on mortgage granted by vendor

Commentary – Tax Reporter ¶510-900

Case Law – Marren (H.M. Inspector of Taxes) v. Ingles Marren (H.M. Inspector of Taxes) v. Linnell Gordon (H.M. Inspector of Taxes) v. Winton

Deferred consideration

Commentary – Tax Reporter ¶510-900

Case Law – Marren (H.M. Inspector of Taxes) v. Ingles Marren (H.M. Inspector of Taxes) v. Linnell Gordon (H.M. Inspector of Taxes) v. Winton

Disposal of a debt

Commentary – Tax Reporter ¶510-900

Case Law – Marren (H.M. Inspector of Taxes) v. Ingles Marren (H.M. Inspector of Taxes) v. Linnell Gordon (H.M. Inspector of Taxes) v. Winton

Documentation

Commentary – Tax Reporter ¶511-500

Case Law – Aberdeen Construction Group Ltd. v. Commissioners of Inland Revenue. ; Cleveleys Investment Trust Co. v. Commissioners of Inland Revenue

Exceptions

Commentary – Tax Reporter ¶510-900

Case Law – Marren (H.M. Inspector of Taxes) v. Ingles Marren (H.M. Inspector of Taxes) v. Linnell Gordon (H.M. Inspector of Taxes) v. Winton

Foreign currency bank accounts/deposits

Commentary – Tax Reporter ¶511-050

HMRC Guidance – CG78327

Generally

Commentary – Tax Reporter ¶510-900

Case Law – Marren (H.M. Inspector of Taxes) v. Ingles Marren (H.M. Inspector of Taxes) v. Linnell Gordon (H.M. Inspector of Taxes) v. Winton

Investment nature

Commentary – Tax Reporter ¶511-500

Case Law – Aberdeen Construction Group Ltd. v. Commissioners of Inland Revenue. ; Cleveleys Investment Trust Co. v. Commissioners of Inland Revenue

Loans to traders

– see Loans

Marketability

Commentary – Tax Reporter ¶511-500

Case Law – Aberdeen Construction Group Ltd. v. Commissioners of Inland Revenue. ; Cleveleys Investment Trust Co. v. Commissioners of Inland Revenue

Property transferred in satisfaction of a debt

Commentary – Tax Reporter ¶511-000

Qualifying corporate bonds

– see Qualifying corporate bonds (QCBs)

Reorganisations involving debentures

Commentary – Tax Reporter ¶511-000

Term/early redemption

Commentary – Tax Reporter ¶511-500

Case Law – Aberdeen Construction Group Ltd. v. Commissioners of Inland Revenue. ; Cleveleys Investment Trust Co. v. Commissioners of Inland Revenue

Transfers between groups

Commentary – Tax Reporter ¶510-900

Case Law – Marren (H.M. Inspector of Taxes) v. Ingles Marren (H.M. Inspector of Taxes) v. Linnell Gordon (H.M. Inspector of Taxes) v. Winton

Collection and factoring

– see Factoring of debts

Collection services

– see Finance and financial services

Companies

– see Loan relationships

Consortium relief

Commentary – Tax Reporter ¶737-875

Conveyance in consideration of

Legislation/Regulatory – FA80 s. 102 ; SA1891 s. 57 ; SP 6/90

Corporate and government

– see Loan relationships

Corporation tax problem

Commentary – Tax Reporter ¶1210-100

Country-risk

– see Sovereign debts

Crown proceedings

Legislation/Regulatory – CPA47 s. 24

Crown's priority in insolvencies

Commentary – Tax Reporter ¶188-295

Deductions, restriction of

Legislation/Regulatory – CTA2009 s. 53 ; ITTOIA2005 s. 35

HMRC Guidance – BIM37770 ; BIM40100 ; BIM40101 ; BIM40110 ; BIM40115 ; BIM40120 ; BIM40125 ; BIM40130

Derivative contracts

– see also Derivative contracts

Generally

Commentary – Tax Reporter ¶719-800

Disallowed as deduction

Commentary – Essential Tax Companion ¶5820

Factoring and discounting

– see Factoring of debts

Finance leases

– see Finance leases and loans

Foreign exchange gains and losses

– see Foreign exchange gains and losses

Funding bonds issued in respect of interest

Legislation/Regulatory – FA2013 Sch. 11, para. 7, 8 ; HMRCBrf 26/08 ; ITA2007 s. 939, 940, 940A ; ITTOIA2005 s. 380, 754

HMRC Guidance – CFM37410 ; CFM37420 ; CFM37430 ; CFM37460 ; CFM37480 ; CFM44310 ; DMBM200230 ; SAIM2210 ; SAIM2320 ; SAIM9117

Goods sold in satisfaction of

– see Goods sold in satisfaction of debt

Groups, assignment between members

Legislation/Regulatory – TCGA92 s. 251

Incurred and subsequently released

Legislation/Regulatory – ITTOIA2005 s. 97

HMRC Guidance – BIM40260 ; BIM40265 ; BIM41090 ; BIM41140

Inheritance tax

Generally

Commentary – Essential Tax Companion ¶16370

Locality

Commentary – Tax Reporter ¶685-100

HMRC Guidance – IHTM27079 ; IHTM27104

Repayment of non-deductible

– see Non-deductible debts

Transfers on death

– see Transfers on death

Instalments, paid by

Commentary – Essential Tax Companion ¶8500

Intangible assets

– see Intangible fixed assets

Intangible fixed assets

Legislation/Regulatory – CTA2009 s. 869

HMRC Guidance – CIRD12670

Interest

– see Interest payable; Interest receivable; Interest; Interest relief

Loan relationships

– see Loan relationships

Loans to traders, guarantee

Case Law – Leisureking Ltd v. Cushing (HM Inspector of Taxes). [1993] BTC 22

Managed service companies

– see Managed service companies

Nil-rate band discretionary trusts

Commentary – SDLT Reporter ¶40-725

Outstanding at date of death

– see Transfers on death

Overseas governments

– see Sovereign debts

Overseas trade debts

Legislation/Regulatory – CTA2009 s. 172-175 ; ITTOIA2005 s. 187-191

HMRC Guidance – BIM42750

Overseas, relief for

Commentary – Tax Reporter ¶708-390

Post-cessation receipts

Legislation/Regulatory – CTA2009 s. 192, 193 ; ITTOIA2005 s. 248, 249

HMRC Guidance – BIM90040

Preferential debts

Commentary – Tax Reporter ¶188-295

Preferential, categories of

Generally

Legislation/Regulatory – IA86 s. 175, 386

Preferential, insolvency

Commentary – VAT Reporter ¶55-240

Preferential, priority

Case Law – (1984) 2 BVC 200,096

Preferential/non-preferential, voluntary liquidation

Case Law – (1985) 2 BVC 200,133

Release or write off

Commentary – Essential Tax Companion ¶21065

Released

Commentary – Tax Reporter ¶222-100 ; Tax Reporter ¶709-050

HMRC Guidance – BIM40265

Released, treated as trading receipts

Legislation/Regulatory – CTA2009 s. 94 ; ITTOIA2005 s. 97

HMRC Guidance – BIM40260 ; BIM40265 ; CFM41070 ; CIRD20470 ; CTM06260

Sales

Commentary – VAT Reporter ¶40-200(17)

HMRC Guidance – Notice 718

Set-off of credits and debits

England, Wales and Northern Ireland

Legislation/Regulatory – FA2008 s. 130

HMRC Guidance – CIRD90600 ; DMBM210130 ; DMBM405080 ; DMBM522320 ; DMBM700010 ; DMBM700030 ; DMBM700095 ; DMBM802040 ; DMBM950010 ; FPC60070 ; SAM110132

No set-off where insolvency procedures applied

Legislation/Regulatory – FA2008 s. 131

HMRC Guidance – DMBM210130 ; DMBM700010 ; DMBM700060 ; SAM110130

Retained funding bonds, tender by commissioners

Legislation/Regulatory – ITA2007 s. 940A

Right to be paid a sum transferred

Legislation/Regulatory – FA2008 s. 133

HMRC Guidance – DMBM700020 ; SAM110132

Sovereign

– see Sovereign debts

Statutory

Bankruptcy order where returns incorrectly recording VAT payable

Case Law – Chamberlin v Revenue and Customs Commissioners. [2010] BVC 892 ; Revenue and Customs Commissioners v Chamberlin. [2011] BVC 162

Set-off by Crown

Case Law – Re Cushla Ltd. (1979) 1 BVC 275

Taking control of goods

England and Wales

Legislation/Regulatory – FA2008 s. 127

HMRC Guidance – DMBM657020 ; DMBM657050 ; DMBM657070 ; DMBM657080

Procedures

Legislation/Regulatory – TCEA2007 Sch. 12, 13

HMRC Guidance – DMBM657020 ; DMBM657130

Scotland, summary warrant

Legislation/Regulatory – FA2008 s. 128 ; SI 2009/3024

Tax

– see Tax debts

Tax liability extinguished by agreement

Case Law – Inland Revenue Commissioners v Fry. [2002] BTC 3

Trading expenditure

Accountancy practice

Commentary – Tax Reporter ¶211-050

HMRC Guidance – BIM42700 ; BIM42705 ; BIM42710 ; BIM42715 ; BIM42720

Case Law – Sycamore plc & Anor v Fir (HMIT)

Advances on loan

Commentary – Tax Reporter ¶211-050

HMRC Guidance – BIM42700 ; BIM42705 ; BIM42710 ; BIM42715 ; BIM42720

Case Law – Sycamore plc & Anor v Fir (HMIT)

Distinction between bad debts and losses

Commentary – Tax Reporter ¶707-720

Case Law – Sycamore plc & Anor v Fir (HMIT)

Evidence required

Commentary – Tax Reporter ¶211-050

HMRC Guidance – BIM42700 ; BIM42705 ; BIM42710 ; BIM42715 ; BIM42720

Case Law – Sycamore plc & Anor v Fir (HMIT)

Generally

Commentary – Tax Reporter ¶211-000 ; Tax Reporter ¶707-720

HMRC Guidance – BIM42701

Case Law – ABSALOM v. TALBOT (H.M. INSPECTOR OF TAXES) ; ANDERTON AND HALSTEAD, LIMITED v. BIRRELL (H.M. INSPECTOR OF TAXES). ; Sycamore plc & Anor v Fir (HMIT)

HMRC's guidance

Commentary – Tax Reporter ¶211-050

HMRC Guidance – BIM42700 ; BIM42705 ; BIM42710 ; BIM42715 ; BIM42720

Case Law – Sycamore plc & Anor v Fir (HMIT)

Overseas debts

Commentary – Tax Reporter ¶211-100 ; Tax Reporter ¶217-275 ; Tax Reporter ¶708-390

Post-cessation receipts

Commentary – Tax Reporter ¶223-110

Subsequent recovery

Commentary – Tax Reporter ¶211-150

Case Law – BRISTOW (H.M. INSPECTOR OF TAXES) v. WILLIAM DICKINSON & CO., LTD.

Waivers and slow payers

Commentary – Tax Reporter ¶211-050

HMRC Guidance – BIM42700 ; BIM42705 ; BIM42710 ; BIM42715 ; BIM42720

Case Law – Sycamore plc & Anor v Fir (HMIT)

Trading receipts

Commentary – Tax Reporter ¶222-100 ; Essential Tax Companion ¶5645 ; Tax Reporter ¶709-050

HMRC Guidance – BIM40265

Transactions in, loss relief

Legislation/Regulatory – ICTA88 s. 398

Unremittable trade debts

Generally

Legislation/Regulatory – CTA2009 s. 172 ; ITTOIA2005 s. 187-191

Relief for

Legislation/Regulatory – CTA2009 s. 173

Restrictions on relief

Legislation/Regulatory – CTA2009 s. 174

Withdrawal of relief

Legislation/Regulatory – CTA2009 s. 175

Writing off

Legislation/Regulatory – SI 1996/1527 reg. 29

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