SCHEDULES

SCHEDULE 11 E+W+S[F1 Modifications of Part VIII Where Company’s Accounts Prepared in Accordance with Special Provisions for Banking or Insurance Companies]

Textual Amendments

F1 Sch. 11 : heading 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(2)

[F2 Modifications where accounts prepared in accordance with special provisions for insurance companies] E+W+S

Textual Amendments

F2 Heading inserted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3).

[F3 7] 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 [F4 Part I of [F5 Schedule 9A]], except to the extent that that provision is taken into account in calculating the value of any asset of the company)”.

Textual Amendments

F3 Sch. 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).

F4 Words 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)

F5 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

[F6 8] 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 [F7 Part I of [F8 Schedule 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

F6 Sch. 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).

F7 Words 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)

F8 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

[F9 9] Section 269 does not apply.

Textual Amendments

F9 Sch. 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).

[F10 10] Section 270 applies as if—

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

“(b) provisions (within the meaning of [F11 Part I of [F12 Schedule 9A]])”;

(b), (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13

Textual Amendments

F10 Sch. 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).

F11 Words 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)

F12 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

F13 Sch. 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

[F14 11] 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 [F15 paragraph F16 . . . 28 of [F17 Schedule 9A]]”, and

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18

Textual Amendments

F14 Sch. 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).

F15 Words 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)

F16 Words 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).

F17 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

F18 Sch. 11 para 5(b) 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(5)(b), Sch. 24

[F19 X1 12] Sections 272 and 273 apply as if in section 272(3)—

(a) for the references to [F20 section 226] and Schedule 4 there were substituted references to [F20 section 255 and Part I of [F21 Schedule 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 [F22 paragraph F23 . . . 28 of [F21 Schedule 9A]]”.

Editorial Information

X1 Sch. 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

F19 Sch. 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).

F20 Words 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)

F21 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).

F22 Words 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)

F23 Words 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).

[F24 X2 13] Section 275 applies as if—

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

“(1) For purposes of section 263, any provision (within the meaning of [F25 Part I of [F26 Schedule 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

X2 Sch. 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

F24 Sch. 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).

F25 Words 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)

F26 Words in Sch. 11 substituted (2.12.1991) by S.I. 1991/2705, regs. 7, 9, Sch. 3 para. 1(3)(a).