Section 831(4)

A company's undistributable reserves are— its share premium account; its capital redemption reserve; the amount by which its accumulated, unrealised profits (so far as not previously utilised by capitalisation) exceed its accumulated, unrealised losses (so far as not previously written off in a reduction or reorganisation of capital duly made); any other reserve that the company is prohibited from distributing— by any enactment (other than one contained in this Part), or by its articles. The reference in paragraph (c) to capitalisation does not include a transfer of profits of the company to its capital redemption reserve.

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