Finance Act 2008
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Change 1
132 VAT: requirement to set-off
(1) Section 81 of VATA 1994 (set-off of credits etc) is amended as follows. (2) For subsection (4C) substitute— (4C) In this section, references to the application of an insolvency procedure to a person do not include— (a) the application of an insolvency procedure to a person at a time when another insolvency procedure applies to the person, or (b) the application of an insolvency procedure to a person immediately upon another insolvency procedure ceasing to have effect. (3) In subsection (5)— (a) omit paragraph (a), (b) in paragraph (b)— (i) for “that Act of 1986” substitute “ the Insolvency Act 1986 ”, and (ii) for “that Order of 1989” substitute “ the Insolvency (Northern Ireland) Order 1989 ”, and (c) before the “and” at the end of paragraph (b) insert— (ba) “administrator” means a person appointed to manage the affairs, business and property of another person under Schedule B1 to that Act or to that Order; .
132 VAT: requirement to set-off
(1) Section 81 of VATA 1994 (set-off of credits etc) is amended as follows. (2) For subsection (4C) substitute— (4C) In this section, references to the application of an insolvency procedure to a person do not include— (a) the application of an insolvency procedure to a person at a time when another insolvency procedure applies to the person, or (b) the application of an insolvency procedure to a person immediately upon another insolvency procedure ceasing to have effect. (3) In subsection (5)— (a) omit paragraph (a), (b) in paragraph (b)— (i) for “that Act of 1986” substitute “ the Insolvency Act 1986 ”, and (ii) for “that Order of 1989” substitute “ the Insolvency (Northern Ireland) Order 1989 ”, and (c) before the “and” at the end of paragraph (b) insert— (ba) “administrator” means a person appointed to manage the affairs, business and property of another person under Schedule B1 to that Act or to that Order; .
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