Section 692(2)

Subject to subsections (1) and (1ZA)— a limited company may only purchase its own shares out of— distributable profits of the company, or the proceeds of a fresh issue of shares made for the purpose of financing the purchase, and any premium payable on the purchase by a limited company of its own shares must be paid out of distributable profits of the company, subject to subsection (3).

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Source: legislation.gov.uk · retrieved 2026-09-04