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Companies Act 2006

Changes over time for: Cross Heading: Distributions by investment companies

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Version Superseded: 30/12/2016

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Point in time view as at 06/04/2012.

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Companies Act 2006, Cross Heading: Distributions by investment companies is up to date with all changes known to be in force on or before 07 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Distributions by investment companiesU.K.

832Distributions by investment companies out of accumulated revenue profitsU.K.

(1)An investment company may make a distribution out of its accumulated, realised revenue profits if the following conditions are met.

(2)It may make such a distribution only if, and to the extent that, its accumulated, realised revenue profits, so far as not previously utilised by a distribution or capitalisation, exceed its accumulated revenue losses (whether realised or unrealised), so far as not previously written off in a reduction or reorganisation of capital duly made.

(3)It may make such a distribution only—

(a)if the amount of its assets is at least equal to one and a half times the aggregate of its liabilities to creditors, and

(b)if, and to the extent that, the distribution does not reduce that amount to less than one and a half times that aggregate.

(4)For this purpose a company's liabilities to creditors include—

(a)in the case of Companies Act accounts, provisions of a kind specified for the purposes of this subsection by regulations under section 396;

(b)in the case of IAS accounts, provisions for liabilities to creditors.

(5)The following conditions must also be met—

[F1(a)the company's shares must be shares admitted to trading on a regulated market;]

(b)during the relevant period it must not have—

(i)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii)applied any unrealised profits F3. . . in paying up debentures or amounts unpaid on its issued shares;

(c)it must have given notice to the registrar under section 833(1) (notice of intention to carry on business as an investment company)—

(i)before the beginning of the relevant period, or

(ii)as soon as reasonably practicable after the date of its incorporation.

(6)For the purposes of this section—

(a)F4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)the “relevant period” is the period beginning with—

(i)the first day of the accounting reference period immediately preceding that in which the proposed distribution is to be made, or

(ii)where the distribution is to be made in the company's first accounting reference period, the first day of that period,

and ending with the date of the distribution.

(7)The company must not include any uncalled share capital as an asset in any accounts relevant for purposes of this section.

Textual Amendments

Commencement Information

I1S. 832 wholly in force at 6.4.2008; s. 832 not in force at Royal Assent see s. 1300; s. 832 in force at 6.4.2008 by S.I. 2007/3495, art. 3(1)(k) (with savings in arts. 7, 12 and subject to transitional adaptations in Sch. 1 paras. 14-20 and with savings in Sch. 4 paras. 33-35)

833Meaning of “investment company”U.K.

(1)In this Part an “investment company” means a public company that—

(a)has given notice (which has not been revoked) to the registrar of its intention to carry on business as an investment company, and

(b)since the date of that notice has complied with the following [F5requirement].

(2)[F6The requirement is]—

(a)that the business of the company consists of investing its funds [F7in shares, land or other assets], with the aim of spreading investment risk and giving members of the company the benefit of the results of the management of its funds;

(b)F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d)F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)Notice to the registrar under this section may be revoked at any time by the company on giving notice to the registrar that it no longer wishes to be an investment company within the meaning of this section.

(5)On giving such a notice, the company ceases to be such a company.

Textual Amendments

Commencement Information

I2S. 833 wholly in force at 6.4.2008; s. 833 not in force at Royal Assent see s. 1300; s. 833 in force at 6.4.2008 by S.I. 2007/3495, art. 3(1)(k) (with savings in arts. 7, 12 and subject to transitional adaptations in Sch. 1 paras. 14-20 and with savings in Sch. 4 paras. 33-35)

834Investment company: condition as to holdings in other companiesU.K.

F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

835Power to extend provisions relating to investment companiesU.K.

F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

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