595. Treatment of reserve arising from reduction of capital
(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.