Section 846(2)

That profit is treated as a realised profit— for the purpose of determining the lawfulness of the distribution in accordance with this Part (whether before or after the distribution takes place), and for the purpose of the application, in relation to anything done with a view to or in connection with the making of the distribution, of any provision of regulations under section 396 under which only realised profits are to be included in or transferred to the profit and loss account.

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