Section 734(3)

If the permissible capital payment is greater than the nominal amount of the shares redeemed or purchased— may be reduced by a sum not exceeding (or by sums not in total exceeding) the amount by which the permissible capital payment exceeds the nominal amount of the shares. the amount of any capital redemption reserve, share premium account or fully paid share capital of the company, and any amount representing unrealised profits of the company for the time being standing to the credit of any revaluation reserve maintained by the company,

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