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Version Superseded: 24/07/2002
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(1)Subsections (2) and (3) below apply in any case [F1where a qualifying company—
(a)is entitled to a right to receive a qualifying payment, and
(b)makes a claim] within two years after the end of an accounting period of the company, that the whole or any part of the payment outstanding immediately before the end of that period could at that time reasonably have been regarded as having become irrecoverable in that period.
(2)If, as regards the contract and the period, amounts A and B fall to be determined under section 155(4) above, an amount equal to so much of the payment as—
(a)[F2may reasonably be regarded as having] become irrecoverable in the period, and
(b)became due and payable in the period or any previous accounting period,
shall be deducted from amount A, or as the case may require, added to amount B.
(3)If, as regards the contract and the period, amounts A and B fall to be determined under section 155(5) above, an amount equal to so much of the payment as—
(a)[F2may reasonably be regarded as having] become irrecoverable in the period, and
(b)was allocated to the period or any previous accounting period,
shall be deducted from amount A, or as the case may require, added to amount B.
(4)In any case where—
(a)as regards a qualifying contract and an accounting period of a qualifying company, an amount has been deducted or added as mentioned in subsection (2) or (3) above, and
(b)the whole or any part of so much of the qualifying payment as [F3fell within paragraphs (a) and (b) of that subsection] is recovered in a later accounting period of the company,
an amount equal to so much of the payment as is so recovered shall, as regards the qualifying contract and the later accounting period, be deducted from amount B, or as the case may require, added to amount A.
Textual Amendments
F1Words in s. 163(1) substituted (29.4.1996 with effect as mentioned in s. 134(2) of the amending Act) by 1996 c. 8, s. 134, Sch. 20 para. 71(2)
F2Words in s. 163(2)(a)(3)(a) substituted (29.4.1996 with effect as mentioned in s. 134(2) of the amending Act) by 1996 c. 8, s. 134, Sch. 20 para. 71(3)
F3Words in s. 163(4)(b) substituted (29.4.1996 with effect as mentioned in s. 134(2) of the amending Act) by 1996 c. 8, s. 134, Sch. 20 para. 71(4)
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