Part 23Distributions
Chapter 3Supplementary provisions
Other matters
850Treatment of certain older profits or losses
1
Where the directors of a company are, after making all reasonable enquiries, unable to determine whether a particular profit made before the relevant date is realised or unrealised, they may treat the profit as realised.
2
Where the directors of a company, after making all reasonable enquiries, are unable to determine whether a particular loss made before the relevant date is realised or unrealised, they may treat the loss as unrealised.
3
For the purposes of this section the relevant date is—
a
for companies registered in Great Britain, 22nd December 1980;
b
for companies registered in Northern Ireland, 1st July 1983.