151 Adjustments for companies in distress
Finance (No 2) Act 2023 (2023 c 30) | Legislation

151  Adjustments for companies in distress

(1)     This section applies to a member of a multinational group [for an accounting period] where—

(a)     it is released from an obligation to pay a debt (however that obligation arises), . . .

[(aa)     that release is reflected in the underlying profits of the member for that period,]

(b)     at the time of that release, one or more of the circumstances mentioned in paragraphs (a) to (c) of subsection (2) applied to it[, and

(c)     the filing member of the group elects that this section should apply to the member for that period].

(2)     Those circumstances are—

(a)     that the member meets an insolvency condition mentioned in paragraphs (a) to (e) of section 322(6) of CTA 2009 (release of debts);

(b)     that—

(i)     it is reasonable to suppose that within 12 months, ignoring any debts owed to persons

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