{
  "url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-97",
  "json_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005/section-97.json",
  "legislation": "ukpga/2005/5",
  "legislation_title": "Income Tax (Trading and Other Income) Act 2005",
  "legislation_url": "https://openlegislation.uk/income-tax-trading-and-other-income-act-2005",
  "path": "section/97",
  "kind": "section",
  "number": "97",
  "heading": "Debts incurred and later released",
  "text": "(1) This section applies if—\n(a) in calculating the profits of a trade, a deduction is allowed for the expense giving rise to a debt owed by the person carrying on the trade,\n(b) all or part of the debt is released, and\n(c) the release is not part of a statutory insolvency arrangement.\n(2) The amount released—\n(a) is brought into account as a receipt in calculating the profits of the trade, and\n(b) is treated as arising on the date of the release.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2005/5/section/97",
    "retrieved_at": "2026-10-29T09:16:32.370392+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}