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Part 2SKey concepts


19Credit: bad debtsS

(1)Regulations may be made under section 18 with a view to securing that a person is entitled to credit if—

(a)the person carries out a taxable activity as a result of which the person becomes entitled to a debt which turns out to be bad (in whole or in part), and

(b)such other conditions as may be specified in the regulations are fulfilled.

(2)The regulations may include provision under section 18(5)(b) or (c) requiring repayment or payment if it turns out that it was not justified to regard a debt as bad (or to regard it as bad to the extent that it was so regarded).

(3)The regulations may include provision for determining whether, and to what extent, a debt is to be taken to be bad.

Commencement Information

I1S. 19 in force at 7.11.2014 by S.S.I. 2014/277, art. 2, Sch.