The Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004

3.  In section 172(2) (determination of availability of profits where private company wishes to redeem or purchase own shares out of capital)–

(a) after “reference to” insert “the following items as stated in the relevant accounts for determining the permissible capital payments for shares”,

(b) in paragraph (b)–

(i) at the beginning insert—

“the following provisions–

(i) in the case of Companies Act individual accounts,”;

(ii) after “etc)” insert—

“, and

(ii) in the case of IAS individual accounts, provisions of any kind,” and

(c) omit from “as stated” to the end.