SCHEDULE 1IAS ACCOUNTS: CONSEQUENTIAL AMENDMENTS TO 1985 ACT
3
In section 172(2) (determination of availability of profits where private company wishes to redeem or purchase own shares out of capital)–
a
after “reference to” insert “the following items as stated in the relevant accounts for determining the permissible capital payments for shares”,
b
in paragraph (b)–
i
at the beginning insert—
the following provisions–
i
in the case of Companies Act individual accounts,
ii
after “etc)” insert—
, and
ii
in the case of IAS individual accounts, provisions of any kind
c
omit from “as stated” to the end.