Modifications etc. (not altering text)
C1Sch. 4 applied with modifications by S.I. 1985/680, regs. 4–6, Sch. and Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 176(9), Sch. 8 para. 19(3)(4)(5)
72(1)Any distribution made by an investment company which reduces the amount of its net assets to less than the aggregate of its called-up share capital and undistributable reserves shall be disclosed in a note to the company’s accounts.
(2)For purposes of this paragraph, a company’s net assets are the aggregate of its assets less the aggregate of its liabilities (including any [F1provision for liabilities] within paragraph 89 [F2that is made in Companies Act accounts and any provision that is made in IAS accounts] ); and “undistributable reserves” has the meaning given by section 264(3) of this Act.
Textual Amendments
F1Words in Sch. 4 para. 72(2) substituted (12.11.2004 with effect as mentioned in reg. 1(2) of the amending S.I.) by The Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004 (S.I. 2004/2947), reg. 3, Sch. 2 para. 9
F2Words in Sch. 4 para. 72(2) inserted (12.11.2004 with effect as mentioned in reg. 1(2) of the amending S.I.) by The Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004 (S.I. 2004/2947), reg. 3, Sch. 1 para. 31(3)