Finance Act 2024

Relief not to be available for companies in insolvency

10 (1) After section 1217KC insert—

“Companies in insolvency

1217KD No claim if company in administration or liquidation

(1) A company may not make a claim under section 1217H or section 1217K at a time when it is in administration or liquidation.

(2) For the purposes of this section, a company is in administration if—

(a) it is in administration under Part 2 of the Insolvency Act 1986 or Part 3 of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or

(b) a corresponding situation under the law of a country or territory outside the United Kingdom exists in relation to the company.

(3) For the purposes of this section, a company is in liquidation if—

(a) it is in liquidation within the meaning of section 247 of that Act or Article 6 of that Order, or

(b) a corresponding situation under the law of a country or territory outside the United Kingdom exists in relation to the company.”

(2) That amendment has effect in relation to claims made on or after 1 April 2024.