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Law of Property Act 1925: Primary legislation governing formal requirements for releasing interests in property and debt under English law

Limitation Act 1980: Legislation concerning time limits for bringing claims related to debt, ensuring the debt being cancelled isn't already statute-barred

Consumer Credit Act 1974: Regulations regarding consumer debt and requirements for cancellation of regulated credit agreements, applicable if the debt involves consumer credit

Insolvency Act 1986: Legislation ensuring the cancellation doesn't constitute a preference if either party is near insolvency, and rules regarding debt write-offs in relation to bankruptcy

Doctrine of Consideration: Common law principle ensuring the agreement is legally binding and addressing any nominal consideration requirements

Deed Execution Rules: Common law and statutory rules regarding the proper execution of deeds, which may be relevant if the agreement is to be executed as a deed

Income Tax Legislation: Tax regulations as debt cancellation might be treated as income for tax purposes

Value Added Tax (VAT) Legislation: Tax considerations if the original debt was related to business transactions subject to VAT