Section 1179CG No credit payable if company in administration or liquidationF1

United Kingdom

(1)

No amount may be paid to a company at step 6 of section 1179CC if, when the company claims the expenditure credit from which the amount is derived, the company 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.

Annotations

Textual amendments

F1: Pt. 14A inserted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 2 para. 1 (with Sch. 2 paras. 16(1), 17-25)