# Finance Act 2008, Section 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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Source: https://www.legislation.gov.uk/ukpga/2008/9/section/132 (the official version)
Page: https://openlegislation.uk/finance-act-2008/section-132
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.