Section 132 | VAT: requirement to set-off

(1)Section 81 of VATA 1994 (set-off of credits etc) is amended as follows.

(2)For subsection (4C) substitute—

(4C)In this section, references to the application of an insolvency procedure to a person do not include—

(a)the application of an insolvency procedure to a person at a time when another insolvency procedure applies to the person, or

(b)the application of an insolvency procedure to a person immediately upon another insolvency procedure ceasing to have effect.

(3)In subsection (5)—

(a)omit paragraph (a),

(b)in paragraph (b)—

(i)for “that Act of 1986” substitute “ the Insolvency Act 1986 ”, and

(ii)for “that Order of 1989” substitute “ the Insolvency (Northern Ireland) Order 1989 ”, and

(c)before the “and” at the end of paragraph (b) insert—

(ba)“administrator” means a person appointed to manage the affairs, business and property of another person under Schedule B1 to that Act or to that Order;

.