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The Institute of Chartered Accountants in England and Wales ("ICAEW") and the Institute of Chartered Accountants of Scotland ("ICAS") have published a technical note (TECH02/17) which provides updated guidance...
The Institute of Chartered Accountants in England and Wales
("ICAEW") and the Institute of Chartered
Accountants of Scotland ("ICAS") have
published a technical note (TECH02/17) which provides updated
guidance on realised and distributable profits under the CA 2006
and statutory instruments made under the CA 2006.
It aims to identify, interpret and apply the principles relating
to the determination of realised profits and losses for the
purposes of making distributions under the CA 2006. Changes made to
the existing rules by the technical note include:
Additional guidance on the meaning of distributions in kind,
making it clear that:
the transfer of an asset can be a distribution as a matter of
law, and consequently within the scope of sections 845 and 846 CA
2006 even if there is no impact on accounting; and
a transfer to a parent of an amount receivable from a third
party is within the scope of section 846 of the CA 2006.
A new paragraph 2.9FA introducing additional guidance on the
determination of the amount of a distribution in kind which
clarifies that a distribution in kind may still be unlawful for
example where an increase in book value of an asset is not
reflected in the accounts and the consideration paid.
The full text of the technical note is available at:
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
