Part 13Other special types of company etc
Chapter 5Companies in liquidation or administration
Introduction
626Meaning of “final year”, “penultimate year” etc
(1)
This section applies for the purposes of this Chapter.
(2)
In relation to a company that is being wound up—
“the final year” means the financial year in which the winding up of the company is completed, and
“the penultimate year” means the last financial year before the company's final year.
(3)
In relation to a company in administration—
“the final year” means the financial year in which the dissolution event in respect of the company occurs, and
“the penultimate year” means the last financial year before the company's final year.
(4)
A reference in this Chapter to the “dissolution event” in respect of a company in administration is a reference—
(a)
to the administrator sending a notice in respect of the company under paragraph 84(1) of Schedule B1 to the Insolvency Act 1986 (company moving from administration to dissolution), or
(b)
if the company enters administration otherwise than under that Act, to the doing of any other act for a similar purpose.
(5)
“Profits” means income and chargeable gains, except so far as the context otherwise requires.