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Companies Act 1985

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Changes over time for: Cross Heading: Modifications where accounts prepared in accordance with special provisions for insurance companies

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Version Superseded: 19/12/1993

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Point in time view as at 02/12/1991.

Changes to legislation:

There are currently no known outstanding effects for the Companies Act 1985, Cross Heading: Modifications where accounts prepared in accordance with special provisions for insurance companies. Help about Changes to Legislation

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[F1Modifications where accounts prepared in accordance with special provisions for insurance companies]E+W+S

Textual Amendments

F1Heading inserted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

[F27]Section 264 applies as if in subsection (2) for the words following “the aggregate of its liabilities” there were substituted “(“liabilities” to include any provision within the meaning of [F3Part I of [F4Schedule 9A]], except to the extent that that provision is taken into account in calculating the value of any asset of the company)”.

Textual Amendments

F2Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F3Words substituted (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(3)

F4Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

[F58]Section 265 applies as if—

(a)for subsection (2) there were substituted—

(2)In subsection (1)(a), “liabilities” includes any provision (within the meaning of [F6Part I of [F7Schedule 9A]]) except to the extent that that provision is taken into account for the purposes of that subsection in calculating the value of any asset of the company, and

(b)there were added at the end of the section—

(7)In determining capital and revenue profits and losses, an asset which is not a fixed asset or a current asset is treated as a fixed asset.

Textual Amendments

F5Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F6Words substituted (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(3)

F7Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

[F89]Section 269 does not apply.

Textual Amendments

F8Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

[F910]Section 270 applies as if—

(a)in subsection (2) the following were substituted for paragraph (b)—

(b)provisions (within the meaning of [F10Part I of [F11Schedule 9A]]);

(b), (c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12

Textual Amendments

F9Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F10Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(4)(a) (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1)

F11Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

F12Sch. 11 Para. 4(b)(c) repealed (subject to the transitional and savings provisions in S.I. 1990/355, arts. 5–9, Sch. 3 para. 1) by Companies Act 1989 (c. 40, SIF 27), ss. 23, 212, 213(2), Sch. 10 para. 21(4)(b), Sch. 24

[F1311]Section 271 applies as if—

(a)in subsection (2), immediately before paragraph (a) there were inserted “except where the company is entitled to avail itself, and has availed itself, of any of the provisions of [F14paragraph F15. . . 28 of [F16Schedule 9A]]”, and

(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F17

Textual Amendments

F13Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F14Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(5)(a) (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1)

F15Words in Sch. 11 para. 11(a) omitted (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(b).

F16Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

[F18X112]Sections 272 and 273 apply as if in section 272(3)—

(a)for the references to [F19section 226] and Schedule 4 there were substituted references to [F19section 255 and Part I of [F20Schedule 9A]], and

(b)immediately before paragraph (a) there were inserted “except where the company is entitled to avail itself, and has availed itself, of any of the provisions of [F21paragraph F22. . . 28 of [F20Schedule 9A]]”.

Editorial Information

X1Sch. 11 paras. 7-11 were substituted (19.12.1993) for Sch. 11 paras. 7-13 by S.I. 1993/3246, regs. 5(1), 6, 7, Sch. 2 para.8

Textual Amendments

F18Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F19Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(6)(a) (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1)

F20Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

F21Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(6)(b) (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1)

F22Words in Sch. 11 para. 12(b) omitted (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(b).

[F23X213]Section 275 applies as if—

(a)for subsection (1) there were substituted—

(1)For purposes of section 263, any provision (within the meaning of [F24Part I of [F25Schedule 9A]]), other than one in respect of any diminution of value of a fixed asset appearing on a revaluation of all the fixed assets of the company, or of all its fixed assets other than goodwill, is to be treated as a realised loss; and

(b)“fixed assets” were defined to include any other asset which is not a current asset.

Editorial Information

X2Sch. 11 paras. 7-11 were substituted (19.12.1993) for Sch. 11 paras. 7-13 by S.I. 1993/3246, regs. 5(1), 6, 7, Sch. 2 para.8

Textual Amendments

F23Sch. 11 paras. 1-7 renumbered as Sch. 11 paras. 7-13 (2.12.1991) by virtue of S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

F24Words substituted by Companies Act 1989 (c. 40, SIF 27), ss. 23, 213(2), Sch. 10 para. 21(7) (subject to the transitional and savings provisions in S.I. 1990/355, arts. 6–9, Sch. 3 para. 1)

F25Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

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