Section 279.
SCHEDULE 11E+W+S[Modifications of Part VIII Where Company’s Accounts Prepared in Accordance with Special Provisions for Banking or Insurance Companies]
[1Paragraphs 2 to 6 below apply where a company has prepared accounts in accordance with the special provisions of Part VII relating to banking companies and paragraphs 7 to 13 below apply where a company has prepared accounts in accordance with the special provisions of Part VII relating to insurance companies.]
Modifications where accounts prepared in accordance with special provisions for banking companiesE+W+S
2Section 264(2) shall apply as if the reference to paragraph 89 of Schedule 4 therein was a reference to paragraph 85(c) of Part I of Schedule 9.
3Section 269 shall apply as if:
(a)there were substituted for the words “are shown as an asset” in sub-section (1) the words “are included as an asset”; and
(b)the reference to paragraph 20 of Schedule 4 in sub-section (2)(b) was to paragraph 27 of Part I of Schedule 9.
4Sections 270(2) and 275 shall apply as if the references therein to paragraphs 88 and 89 of Schedule 4 were to paragraph 85 of Part I of Schedule 9.
5Sections 272 and 273 shall apply as if in section 272(3) there were substituted, for the references to section 226 and Schedule 4, references to section 255 and Part I of Schedule 9.
6Section 276 shall apply as if the references to paragraphs 12(a) and 34(3)(a) of Schedule 4 were to paragraphs 19(a) and 44(3)(a) of Schedule 9 .
Editorial Information
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[Modifications where accounts prepared in accordance with special provisions for insurance companies]E+W+S
[7]Section 264 applies as if in subsection (2) for the words following “the aggregate of its liabilities” there were substituted “(“liabilities” to include any provision within the meaning of [Part I of [Schedule 9A]], except to the extent that that provision is taken into account in calculating the value of any asset of the company)”.
[8]Section 265 applies as if—
(a)for subsection (2) there were substituted—
“(2)In subsection (1)(a), “liabilities” includes any provision (within the meaning of [Part I of [Schedule 9A]]) except to the extent that that provision is taken into account for the purposes of that subsection in calculating the value of any asset of the company”, and
(b)there were added at the end of the section—
“(7)In determining capital and revenue profits and losses, an asset which is not a fixed asset or a current asset is treated as a fixed asset”.
[9]Section 269 does not apply.
[10]Section 270 applies as if—
(a)in subsection (2) the following were substituted for paragraph (b)—
“(b)provisions (within the meaning of [Part I of [Schedule 9A]])”;
(b), (c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[11]Section 271 applies as if—
(a)in subsection (2), immediately before paragraph (a) there were inserted “except where the company is entitled to avail itself, and has availed itself, of any of the provisions of [paragraph . . . 28 of [Schedule 9A]]”, and
(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[12]Sections 272 and 273 apply as if in section 272(3)—
(a)for the references to [section 226] and Schedule 4 there were substituted references to [section 255 and Part I of [Schedule 9A]], and
(b)immediately before paragraph (a) there were inserted “except where the company is entitled to avail itself, and has availed itself, of any of the provisions of [paragraph . . . 28 of [Schedule 9A]]”.
Editorial Information
Textual Amendments
[13]Section 275 applies as if—
(a)for subsection (1) there were substituted—
“(1)For purposes of section 263, any provision (within the meaning of [Part I of [Schedule 9A]]), other than one in respect of any diminution of value of a fixed asset appearing on a revaluation of all the fixed assets of the company, or of all its fixed assets other than goodwill, is to be treated as a realised loss”; and
(b)“fixed assets” were defined to include any other asset which is not a current asset.
Editorial Information
Textual Amendments