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Companies Act 1985
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Changes over time for: Paragraph 44
Version Superseded: 06/04/2008
Alternative versions:
- 02/12/1991- Amendment
- 02/02/1996- Amendment
- 30/04/2001
Point in time - Stop date 06/04/2008- Amendment
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Point in time view as at 30/04/2001. This version of this provision has been superseded.
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Companies Act 1985, Paragraph 44 is up to date with all changes known to be in force on or before 25 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.
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44(1)With respect to any determination of the value of an asset of a company in accordance with paragraph 41, the amount of any profit or loss arising from that determination (after allowing, where appropriate, for any provisions for depreciation or diminution in value made otherwise than by reference to the value so determined and any adjustments of any such provisions made in the light of that determination) shall be credited or (as the case may be) debited to a separate reserve (“the revaluation reserve”).
(2)The amount of the revaluation reserve shall be shown in the company’s balance sheet under Liabilities item 11 in the balance sheet format, but need not be shown under that name.
(3)An amount may be transferred
[F1(a)from the revaluation reserve—
(i)to the profit and loss account, if the amount was previously charged to that account or represents realised profit, or
(ii)on capitalisation,
(b)to or from the revaluation reserve in respect of the taxation relating to any profit or loss credited or debited to the reserve;]
and the revaluation reserve shall be reduced to the extent that the amounts transferred to it are no longer necessary for the purposes of the valuation method used.
(4)In [F2sub-paragraph (3)(a)(ii)]“capitalisation”, in relation to an amount standing to the credit of the revaluation reserve, means applying it in wholly or partly paying up unissued shares in the company to be allotted to members of the company as fully or partly paid shares.
(5)The revaluation reserve shall not be reduced except as mentioned in this paragraph.
(6)The treatment for taxation purposes of amounts credited or debited to the revaluation reserve shall be disclosed in a note to the accounts.
Textual Amendments
F1Sch. 9 Pt. I para. 44(3)(a)(b) substituted (2.2.1996) for words by S.I. 1996/189, reg. 14(6), Sch. 4 paras. 1, 3(1)(2) (with reg. 16)
F2Words in Sch. 9 Pt. I para. 44(4) substituted (2.2.1996) by S.I. 1996/189, reg. 14(6), Sch. 4 paras. 1, 3(1)(3) (with reg. 16)
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