Skip to content
Solved

DMBM700030 | Set-offs - S130 FA2008: definitions of credit and debit

From HM Revenue & Customs · Debt Management and Banking Manual

Some content of this manual is being considered for archiving. If there is content you use regularly, please email [email protected] to let us know as soon as possible.

S130 FA 2008 uses the following terms:

  • credit - a credit is a sum that is payable, or may be repaid, by HMRC to the taxpayer

  • debit - a debit is a sum that is payable by the taxpayer to HMRC under or by virtue of an enactment or under a contract settlement.

For the purposes of this guidance, taxpayer means employer, trader, taxpayer, claimant and so on as appropriate.