Regulation 31 I1

(1)

Regulation 29 or 30 shall not require any such amount as is mentioned in paragraph (1)(b) of either regulation (“the credit”) to be set against any item mentioned in paragraph (1)(a) of either regulation (“the debit”) where—

(a)

an insolvency procedure has been applied to the person entitled to the credit;

(b)

the credit became due after that procedure was applied; and

(c)

the liability to pay the debt either arose before that procedure was so applied or (having arisen afterwards) relates to, or to matters occurring in the course of, the carrying on of any business relevant for CCL purposes at times before the procedure was so applied.

(2)

An insolvency procedure is applied to a person for the purposes of this regulation in the circumstances described by paragraphs 75(2) to 75(5) of the Act (insolvency procedures for purposes of this regulation).

Annotations

Commencement

I1: Reg. 31 in force at 1.4.2001, see reg. 1