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595. Treatment of reserve arising from reduction of capital

Past version: effective from 14/06/2015 - 13/06/2015
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(1) A reserve arising from the reduction of a company's share capital is not distributable, subject to any provision made by order under this section.
(2) The Board may make rules which specify cases in which—
(a) the prohibition in subsection (1) does not apply, and
(b) the reserve is to be treated for the purposes of Part 22 (distributions) as a realised profit.