Regulation 29 Writing off debtsF1I1
United Kingdom
This regulation shall apply for the purpose of determining whether, and to what extent, the consideration is to be taken to have been written off as a bad debt.
The whole or any part of the consideration for a taxable activity shall be taken to have been written off as a bad debt where—
the claimant has written it off in his accounts as a bad debt; and
he has made an entry in relation to that activity in the landfill tax bad debt account in accordance with regulation 26 (and this shall apply regardless of whether a claim can be made in relation to that activity at that time).
Where the claimant owes an amount of money to the customer which can be set off, the consideration written off in the landfill tax bad debt account shall be reduced by the amount so owed.
Where the claimant holds in relation to the customer an enforceable security, the consideration written off in the landfill tax bad debt account shall be reduced by the value of the security.
Annotations
Textual amendments
- F1
Regulations disapplied in relation to Scotland (with effect from 1.4.2015) by virtue of Scotland Act 2012 (c. 11), ss. 31, 44(2)(b)(3)(c); S.I. 2015/638, art. 2 (with saving in S.I. 2015/599, arts. 6, 7)
Regulations disapplied in relation to Wales (with effect from 1.4.2018) by virtue of Wales Act 2014 (c. 29), ss. 19, 29(2)(b)(3)(b); S.I. 2018/214, art. 2(b)
Commencement
Notes on the whole SI
Textual amendments
- F1
Regulations disapplied in relation to Scotland (with effect from 1.4.2015) by virtue of Scotland Act 2012 (c. 11), ss. 31, 44(2)(b)(3)(c); S.I. 2015/638, art. 2 (with saving in S.I. 2015/599, arts. 6, 7)
Regulations disapplied in relation to Wales (with effect from 1.4.2018) by virtue of Wales Act 2014 (c. 29), ss. 19, 29(2)(b)(3)(b); S.I. 2018/214, art. 2(b)