Section 26 Release of debts: stabilisation powers under Banking Act 2009

Section 322 of CTA 2009 (release of debts: cases where credits not required to be brought into account) is amended as follows.

In subsection (2), for “condition A, B or C” substitute “ any of conditions A to D ”.

After subsection (5) insert—

(5A)

Condition D is that the liability is released in consequence of the exercise of a stabilisation power under Part 1 of the Banking Act 2009.

The amendments made by this section have effect in relation to releases of liabilities on or after 26 November 2013.