PART 6Credit: bad debts

Interpretation18

In this Part—

  • “claim” means a claim in accordance with Part 4 of these Regulations for an amount of credit arising under this Part and “claimant” shall be construed accordingly;

  • “customer” means a person for whom a taxable activity is carried out by the claimant;

  • “outstanding amount” means, in relation to any claim—

    1. a

      if at the time of the claim the claimant has received no payment in respect of the amount written off in his accounts, the amount so written off; or

    2. b

      if at that time he has received a payment, the amount by which the amount written off exceeds the payment (or the aggregate of the payments);

  • “relevant disposal” means any taxable disposal upon which a claim is based;

  • “security” means—

    1. a

      in relation to Scotland, any security (whether heritable or moveable), any floating charge and any right of lien or preference and right of retention (other than a right of compensation or set-off); and

    2. b

      in relation to England, Wales and Northern Ireland, any mortgage, charge, lien or other security.