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The Companies Act 2006 (Amendment of Part 18) Regulations 2013
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- 2013 No. 999
- Regulation 4
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Financing purchase of own shares
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4.—(1) Section 692 of the Act (financing of purchase of own shares) is amended as follows.
(2) For subsection (1) substitute—
“(1) A private limited company may purchase its own shares—
(a)out of capital in accordance with Chapter 5, and
(b)with cash (if authorised to do so by its articles) up to an amount in a financial year not exceeding the lower of—
(i)£15,000, or
(ii)the value of 5% of its share capital.
(1A) If the share capital of the company is not denominated in sterling, the value in sterling of the share capital shall be calculated for the purposes of subsection (1)(b)(ii) at an appropriate spot rate of exchange.
(1B) The rate must be a rate prevailing on a day specified in the resolution authorising the purchase of the shares.”.
(3) In subsection (2) for “Subject to that” substitute “Subject to subsection (1)”.
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