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Prospective
Regulation 14
1. The following paragraphs apply for the purposes of the interpretation of the Schedules to these Regulations.U.K.
Commencement Information
I1Sch. 9 para. 1 in force at 1.9.1994, see reg. 1
2. “Balance sheet date”, in relation to a balance sheet, means the date as at which the balance sheet was prepared.
Commencement Information
I2Sch. 9 para. 2 in force at 1.9.1994, see reg. 1
3. In respect of leases:
“long lease” means a lease in the case of which the portion of the term for which it was granted remaining unexpired at the end of the financial year is not less than 50 years,
“short lease” means a lease which is not a long lease, and
“lease” includes an agreement for a lease.
Commencement Information
I3Sch. 9 para. 3 in force at 1.9.1994, see reg. 1
4. “Listed investment” means an investment listed on a recognised stock exchange or on any stock exchange of repute outside the United Kingdom and the expression “unlisted investment” is to be construed accordingly.
Commencement Information
I4Sch. 9 para. 4 in force at 1.9.1994, see reg. 1
5. A loan is treated as falling due for repayment, and an instalment of a loan is treated as falling due for payment, on the earliest date on which the lender could require repayment or (as the case may be) payment, if he exercised all options and rights available to him.
Commencement Information
I5Sch. 9 para. 5 in force at 1.9.1994, see reg. 1
6. No provision of these Regulations requiring the inclusion of amounts in a particular account, or in notes to the annual accounts (other than paragraphs 4 to 14 and 31 of Schedule 4), are to be taken to prohibit the disregarding of an amount which, in the particular context of that provision is immaterial.
Commencement Information
I6Sch. 9 para. 6 in force at 1.9.1994, see reg. 1
7.—(1) References to provisions for depreciation or diminution in value of assets are to be taken as references to any amount written off by way of providing for depreciation or diminution in value of assets.
(2) Any reference in an income and expenditure account to the depreciation of, or amounts written off, assets of any description is to be taken as a reference to any provision for depreciation or diminution in value of assets of that description.
(3) References to provisions for liabilities and charges (other than in paragraphs 33 to 40 of Schedule 6) are to be taken as a reference to any amount retained as reasonably necessary for the purpose of providing for any liability or loss which is either likely to be incurred, or certain to be incurred but uncertain as to amount or as to the date on which it will arise.
Commencement Information
I7Sch. 9 para. 7 in force at 1.9.1994, see reg. 1
8. In the application of these Regulations in Scotland, “land of freehold tenure” means land in respect of which the society is the proprietor of the dominium utile or, in the case of land not held on feudal tenure, is the owner, and “land of leasehold tenure” means land of which the society (or, as the case may be, a relevant subsidiary) is the tenant under a lease.
Commencement Information
I8Sch. 9 para. 8 in force at 1.9.1994, see reg. 1
9.—(1) “Social security costs” means any contribution by the society to any state social security or pension scheme, fund or arrangement.
(2) “Pension costs” includes any other contributions by the society for the purposes of any pension scheme established for the purpose of providing pensions for persons employed by the society, any sums set aside for that purpose, and any amounts paid by the society in respect of pensions without first being set aside.
(3) Any amount stated in respect of either of the above items or in respect of the item “wages and salaries” in the society’s income and expenditure account must be determined by reference to payments made or costs incurred in respect of all persons employed by the society during the financial year who are taken into account in determining the relevant annual number for the purposes of paragraph 3(1)(a) of Schedule 4 above.
Commencement Information
I9Sch. 9 para. 9 in force at 1.9.1994, see reg. 1
10.—(1) In the Schedules to these Regulations:
“fungible assets” means assets of any description which are substantially indistinguishable one from another; and
“provision for unexpired risks” means the amount set aside in addition to unearned premiums in respect of risks to be borne by the society after the end of the financial year, in order to provide for all claims and expenses in connection with insurance contracts in force in excess of the related unearned premiums and any premiums receivable on those contracts.
Commencement Information
I10Sch. 9 para. 10 in force at 1.9.1994, see reg. 1
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