Part 18Acquisition by limited company of its own shares
Chapter 5Redemption or purchase by private company out of capital
The permissible capital payment
711Available profits
(1)
For the purposes of this Chapter the available profits of the company, in relation to the redemption or purchase of any shares, are the profits of the company that are available for distribution (within the meaning of Part 23).
(2)
But the question whether a company has any profits so available, and the amount of any such profits, shall be determined in accordance with section 712 instead of in accordance with sections 836 to 842 in that Part.