Respond to a Corporation Tax penalty or enquiry
- 1 step
UK Statutory Instrument
2008
United Kingdom
The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008
At a glance
Enforced by
What's here
169 compliance obligations, 1 practical guide · 5 journeys
Penalty landscape
1 of 169 obligations carry a fine up to £1,000. 168 have no criminal penalty — flagged in the list below.
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Trader 114
- Director or Officer 55
Step-by-step journeys using this legislation
Walkthroughs that take you from a real business situation to compliance.
Manage your tax compliance
- 1 step
File your first Corporation Tax return
- 1 step
Corporation Tax quick compliance check
- 1 step
Grow your tech business
- 1 step
Relevant guidance
Practical guides for businesses affected by this Act, ordered by how closely they engage with it.
Mentioned in related content
1 guidesOther Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Traders also bound by 826 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 413 duties
- Companies Act 2006 2006 243 duties
- Insolvency (England and Wales) Rules 2016 2016 62 duties
- Building Societies Act 1986 1986 56 duties
- Consumer Credit Act 1974 1974 50 duties
Directors and Officers also bound by 425 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 161 duties
- Companies Act 2006 2006 108 duties
- Insolvency Act 1986 1986 72 duties
- The Housing Administration (England and Wales) Rules 2018 2018 26 duties
- Building Societies Act 1986 1986 26 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Part 1 — INTRODUCTION
Browse 2 other sections in this Part — procedural / definitional / commencement
Citation and interpretation
Commencement and application
Part 2 — FORM AND CONTENT OF ACCOUNTS
Companies Act individual accounts (companies other than banking and insurance companies)
- Prepare accounts in accordance with Schedule 1 form and content rules Director or Officer
Companies Act individual accounts: insurance companies
- Prepare and label insurance company annual accounts Director or Officer
- Prepare insurance company accounts in the required format Director or Officer
Information about related undertakings (Companies Act or IAS individual or group accounts)
- Disclose information about related companies in your accounts Director or Officer
- Include required related‑undertaking disclosures in your accounts Director or Officer
Companies Act group accounts
- Prepare group accounts according to specialized format and content rules Director or Officer
- Prepare group accounts in the Schedule 6 format Director or Officer
Browse 3 other sections in this Part — procedural / definitional / commencement
Medium-sized companies: exemptions for Companies Act individual accounts
Companies Act individual accounts: banking companies
Information about directors' benefits: remuneration (Companies Act or IAS individual or group accounts: quoted and unquoted companies)
Part 3 — DIRECTORS' REPORT
Directors' report
- Include required disclosures in your annual Directors' report Director or Officer
- Prepare directors’ report with required disclosures Director or Officer
Part 4 — DIRECTORS' REMUNERATION REPORT
Directors' remuneration report (quoted companies ...)
- Prepare and publish a detailed Directors' Remuneration Report Director or Officer
- Prepare directors’ remuneration report with required Schedule 8 information Director or Officer
Part 5 — INTERPRETATION
Browse 2 other sections in this Part — procedural / definitional / commencement
Definition of “provisions”
General interpretation
Part 6 — REVIEW
Browse 1 other section in this Part — procedural / definitional / commencement
Review
Schedules
COMPANIES ACT INDIVIDUAL ACCOUNTS: COMPANIES WHICH ARE NOT BANKING OR INSURANCE COMPANIES
- Prepare annual individual accounts using the prescribed formats Director or Officer
- Prepare company accounts using standard formats and headings Director or Officer
INSURANCE COMPANIES: COMPANIES ACT INDIVIDUAL ACCOUNTS
- Prepare annual accounts in the prescribed format for insurance companies Director or Officer
- Prepare insurance company accounts in the required statutory format Director or Officer
Excess of money owed over value received as an asset item
- Write off excess of debt repayable over consideration received, or disclose in notes Trader
Application of the depreciation rules
- Apply depreciation rules to revalued assets and disclose differences Trader
Additional information to be provided in case of departure from historical cost accounting rules
- Disclose alternative valuation methods and historical cost comparatives in accounts notes Trader
Revaluation reserve
- Maintain a revaluation reserve for asset revaluations Trader
Determination of fair value
- Determine fair value of financial instruments using the correct hierarchy Trader
The fair value reserve
- Adjust the fair value reserve and disclose tax treatment in accounts Trader
Preliminary
- Present notes to accounts in balance sheet and profit and loss order Trader
Disclosure of accounting policies
- State your accounting policies in the notes to your accounts Trader
If the company has allotted any shares during the financial...
- Report share allotment details in annual accounts Trader
(1) With respect to any contingent right to the allotment...
- Disclose details of any contingent share allotment rights in your accounts Trader
(1) If the company has issued any debentures during the...
- Disclose debentures issued during the financial year in accounts Trader
Fixed assets
- Disclose fixed asset movements and depreciation in annual accounts Trader
Where any fixed assets of the company (other than listed...
- Disclose historical valuations and valuers' details for fixed assets Trader
In relation to any amount which is or would but...
- Break down land and buildings by tenure in your balance sheet Trader
Investments
- Disclose how much of your investments are in listed shares Trader
Where the company has derivatives that it has not included...
- Disclose derivatives not held at fair value in annual accounts Trader
Information where investment property and living animals and plants included at fair value
- Disclose fair value methods for investment property and biological assets Trader
Reserves and provisions
- Disclose movements of reserves and provisions in annual accounts Trader
Details of indebtedness
- Disclose long-term debt and secured debt details in annual accounts Trader
If any fixed cumulative dividends on the company's shares are...
- Disclose arrears of fixed cumulative dividends in accounts Trader
Guarantees and other financial commitments
- Disclose guarantees, charges and financial commitments in annual accounts Trader
Particulars of turnover
- Disclose turnover by business class and geographical market in accounts Trader
Sums denominated in foreign currencies
- State basis of foreign currency translation in accounts Trader
Dormant companies acting as agents
- State in accounts if dormant company acted as agent Director or Officer
Related party transactions
- Disclose related party transactions in annual accounts Trader
Post balance sheet events
- Disclose post-balance-sheet events affecting your accounts Trader
Appropriations
- Disclose profit appropriation or loss treatment in annual accounts Trader
(1) Any distribution made by an investment company which reduces...
- Disclose certain distributions in company accounts Trader
(1) Where the reasons for which any provision was made...
- Write back provisions when no longer needed and disclose in accounts Trader
Intangible assets
- Disclose amortisation period and reasons for capitalising development costs Trader
(1) Intangible assets must be written off over the useful...
- Write off intangible assets over useful life and disclose exceptional period Director or Officer
Excess of money owed over value received as an asset item
- Write off asset from discounted debt in annual instalments Trader
Additional information to be provided in case of departure from historical cost accounting rules
- Disclose alternative valuation methods and historical cost comparatives in accounts notes Trader
Revaluation reserve
- Maintain a revaluation reserve for revalued assets Trader
Preliminary
- Present notes to accounts in balance sheet and P&L order Trader
Disclosure of accounting policies
- State your accounting policies in annual accounts Trader
Sums denominated in foreign currencies
- State how foreign currency amounts are translated in your accounts Trader
If the company has allotted any shares during the financial...
- Disclose details of shares allotted during the financial year Trader
(1) With respect to any contingent right to the allotment...
- Disclose details of contingent share allotment rights Trader
(1) If the company has issued any debentures during the...
- Disclose details of any new debentures issued in the annual accounts Trader
Fixed assets
- Disclose fixed asset movements and depreciation in balance sheet notes Trader
Where any fixed assets of the company (other than listed...
- Disclose revaluation details of fixed assets in financial statements Trader
Where the company has derivatives that it has not included...
- Disclose details of derivatives not recorded at fair value Trader
(1) This paragraph applies if— (a) the company has financial...
- Disclose fair value and impairment justification for financial fixed assets Trader
Reserves and provisions
- Disclose transfers to/from reserves and provisions in accounts Trader
Maturity analysis
- Disclose maturity breakdown of loans, advances and liabilities in accounts Trader
Debt and other fixed-income securities
- Disclose debt and fixed-income securities due within one year Trader
Subordinated liabilities
- Disclose details of significant subordinated borrowings in accounts Trader
Fixed cumulative dividends
- Disclose arrears of fixed cumulative dividends in accounts Trader
Details of assets charged
- Disclose details of assets charged in annual accounts Director or Officer
Memorandum items: Group undertakings
- Disclose contingent liabilities and commitments for group undertakings in accounts notes Trader
Leasing transactions
- Disclose property leased to others in annual accounts Trader
Sundry assets and liabilities
- Disclose breakdown of material other assets and other liabilities in accounts Trader
Particulars of income
- Disclose income by geographical market in annual accounts Trader
Management and agency services
- Disclose provision of management and agency services if material Trader
Related party transactions
- Disclose material related party transactions in annual accounts Trader
Post balance sheet events
- Disclose material post-balance-sheet events in your accounts Trader
Appropriations
- Disclose proposed or actual profit appropriation and loss treatment Trader
Determination of fair value
- Determine fair value of financial instruments using prescribed hierarchy Trader
(1) This paragraph applies to any asset included under assets...
- Recognise permanent asset diminutions and disclose provisions in accounts Trader
(1) Where the reasons for which any provision was made...
- Write back provisions when reasons no longer apply (but not goodwill) Trader
Intangible assets
- Disclose development costs and write-off period in accounting notes Trader
(1) Intangible assets must be written off over the useful...
- Write off intangible assets and disclose chosen period Director or Officer
Long-term business provision
- Have a Fellow of the Institute or Faculty of Actuaries compute long-term business provisions annually Trader
(1) Explicit discounting or deductions to take account of investment...
- Follow strict conditions and disclose when discounting claims provisions Trader
Equalisation reserves
- Determine equalisation reserves in line with FCA/PRA rules Trader
Accounting on a non-annual basis
- Disclose use of non-annual accounting method in notes to accounts Trader
Preliminary
- Present required information as notes to the accounts in the correct order Trader
Disclosure of accounting policies
- Disclose accounting policies in your company accounts Trader
It must be stated whether the accounts have been prepared...
- State whether accounts comply with accounting standards and explain any departures Trader
Sums denominated in foreign currencies
- Disclose foreign currency translation basis in accounts Trader
If the company has allotted any shares during the financial...
- Disclose share allotment details in annual accounts Trader
(1) With respect to any contingent right to the allotment...
- Disclose contingent share allotment rights in annual accounts Trader
(1) If the company has issued any debentures during the...
- Disclose debenture issues and nominee-held debentures in annual accounts Trader
Assets
- Disclose movements and provisions for intangible assets, land/buildings and investments Trader
Where any assets of the company (other than listed investments)...
- Disclose asset valuation history and valuers’ details in accounts Trader
Investments
- Disclose listed investments within balance sheet investments Trader
Information about fair value of assets and liabilities
- Disclose fair value assumptions, changes and derivative details in your accounts Trader
Where the company has derivatives that it has not included...
- Disclose fair value and details of derivatives not held at fair value Trader
(1) This paragraph applies if— (a) the company has financial...
- Disclose fair value and justification for overvalued financial fixed assets Trader
Information where investment property and living animals and plants included at fair value
- Disclose fair value methods for investment property and biological assets Trader
Reserves and provisions
- Disclose movements in reserves and provisions in your annual accounts Trader
Details of indebtedness
- Disclose details of long-term and secured debts in accounts Trader
If any fixed cumulative dividends on the company's shares are...
- Disclose fixed cumulative dividend arrears in company accounts Trader
Miscellaneous matters
- Disclose asset cost determination and loans for own-share purchase in accounts Trader
Particulars of business
- Disclose insurance business breakdown by class and reinsurance Trader
(1) As regards long-term business, the company must disclose—
- Disclose long-term insurance business premiums and reinsurance balance Trader
Related party transactions
- Disclose material related party transactions not under normal market conditions Trader
Appropriations
- Disclose proposed or actual appropriation of profit and treatment of loss Trader
Subsidiary undertakings
- Disclose subsidiary undertakings in your annual accounts Trader
Reason for not preparing group accounts
- Explain in accounts why your company doesn't produce group accounts Trader
Holdings in subsidiary undertakings
- Disclose holdings in subsidiary undertakings in accounts Trader
Financial years of subsidiary undertakings
- State subsidiary's financial year-end date if different from parent Trader
Financial information about subsidiary undertakings
- Disclose financial information about each unconsolidated subsidiary Trader
Group's membership of certain undertakings
- Disclose membership of unlimited liability undertakings in group accounts Director or Officer
Significant holdings in undertakings other than subsidiary undertakings
- Disclose significant holdings in external companies Trader
(1) The name of the undertaking must be stated.
- State the name and address of each subsidiary undertaking Trader
(1) Subject to paragraph 14, there must also be stated—...
- Disclose capital, reserves and profit/loss of significant holdings in other undertakings Trader
Membership of certain undertakings
- Disclose membership of unlimited-liability undertakings Trader
Parent undertaking drawing up accounts for larger group
- Disclose parent undertaking details for largest and smallest groups Trader
Identification of ultimate parent company
- Identify and state your ultimate parent company Trader
Any differences of accounting rules as between a parent company's...
- Disclose differences between parent and group accounting rules Trader
The directors' report must also contain any necessary explanatory material...
- Add explanatory notes to the directors' report where needed Director or Officer
The directors’ report must state the methodologies used to calculate...
- Include methodology for disclosed information in directors' report Director or Officer
The directors’ report must state at least one ratio which...
- Include at least one emissions ratio in directors' report Director or Officer
With the exception of the first year for which the...
- Include prior-year comparative figures in directors' report Director or Officer
With the exception of the first year for which the...
- Include prior-year comparison in your directors' report Director or Officer
The directors’ report must state ... the period for which...
- State differing reporting period for certain data in directors' report Director or Officer
Where a company has chosen in accordance with section 414C(11)...
- Disclose use of option to move directors' report information to strategic report Director or Officer
(1) The directors’ report must state the annual quantity of...
- Report annual carbon emissions and energy use in directors' report Trader
The directors’ report must state the methodologies used to calculate...
- State methodologies used to calculate energy and carbon information Director or Officer
The directors’ report must state at least one ratio which...
- State at least one emissions intensity ratio in your directors' report Director or Officer
With the exception of the first year for which the...
- Include prior-year energy and carbon data in your directors' report Director or Officer
(1) The directors’ report for a company’s first financial year...
- Include corporate governance statement in directors’ report if you meet size thresholds Director or Officer
(1) The directors’ report must include a statement (a “statement...
- Include a corporate governance statement in your directors’ report Director or Officer
(1) This paragraph applies if— (a) a company is required...
Fine up to £1,000- Fail to publish corporate governance statement online Director or Officer
(1) Subject to paragraphs 29 and 30, the directors’ report...
- Include supplier payment performance data in directors' report Director or Officer
Political donations and expenditure
- Disclose political donations and expenditure in directors' report Trader
(1) If the company (not being the wholly-owned subsidiary of...
- Disclose contributions to non-UK political parties in directors' report Trader
The directors' report for a financial year must state—
- Report details of share purchases, acquisitions, charges and disposals in directors' report Director or Officer
(1) In the directors’ remuneration report for a financial year...
- Include specified directors' remuneration information in annual report Trader
Total pension entitlements
- Include total pension entitlements in directors' remuneration report Director or Officer
Scheme interests awarded during the financial year
- Include scheme interests awarded to directors in the remuneration report Trader
Statement of directors’ shareholding and share interests
- Include director shareholding and share interest details in remuneration report Director or Officer
Performance graph and table
- Include performance graph and table in directors' remuneration report Director or Officer
Pay ratio information in relation to the total remuneration of the director undertaking the role of chief executive officer
- Include pay ratio information in directors' remuneration report Trader
Pay ratios methods
- Choose a method to calculate pay ratio figures Y25, Y50, Y75 Trader
Additional requirements in respect of the pay ratios table
- Include detailed pay ratio explanations in the directors' remuneration report Director or Officer
The directors’ remuneration report must set out the following figures...
- Disclose pay ratio figures in directors' remuneration report Director or Officer
(1) Information required to be shown in the report for...
- Follow presentation and disclosure rules for directors’ remuneration report Director or Officer
Relative importance of spend on pay
- Remuneration report: show relative importance of pay spend in graph or table Director or Officer
Statement of implementation of remuneration policy in the following financial year
- Include implementation statement for directors' remuneration policy in annual report Director or Officer
Consideration by the directors of matters relating to directors’ remuneration
- Disclose remuneration committee members and advisers in directors' remuneration report Director or Officer
Statement of voting at general meeting
- Disclose shareholder voting on remuneration in the directors' report Director or Officer
Introductory
- Prepare directors' remuneration policy with required content and disclosures Trader
There must accompany the table notes which set out—
- Explain your directors' remuneration policy in the notes to the policy table Trader
Approach to recruitment remuneration
- Set out recruitment remuneration principles in directors' pay policy Trader
(1) A narrative description of the basis of calculation and...
- Explain how you calculated the bar chart figures Director or Officer
The directors’ remuneration policy must also set out the principles...
- Include loss-of-office payment principles in directors' remuneration policy Trader
Statement of consideration of employment conditions elsewhere in company
- Include employee pay considerations in directors' remuneration policy Director or Officer
The statement must also set out— (a) whether, and if...
- Disclose employee consultation and pay comparisons in directors' remuneration report Director or Officer
A revised directors’ remuneration policy prepared in accordance with section...
- Include all required matters in revised directors' remuneration policy Director or Officer
(1) In addition to the columns described in paragraph 7,...
- Include additional columns for other remuneration items in the directors' remuneration report table Director or Officer
(1) Subject to paragraph 9, in the single total figure...
- Include single total figure table in directors' remuneration report Director or Officer
(1) In respect of any items in paragraph 7(1)(c) or...
- Account for partial performance, recoveries, and negative values in the single total figure table Director or Officer
(1) Each column in the single total figure table must...
- Present comparative directors' remuneration figures in single total figure table Trader
Provisions must not be used to adjust the value of...
- Do not use provisions to adjust asset values Trader
Staff costs
- Report staff costs correctly in your profit and loss account Trader
Browse 291 other Schedules — structural / supplementary
BANKING COMPANIES: COMPANIES ACT INDIVIDUAL ACCOUNTS
INFORMATION ON RELATED UNDERTAKINGS REQUIRED WHETHER PREPARING COMPANIES ACT OR IAS ACCOUNTS
INFORMATION ABOUT BENEFITS OF DIRECTORS
QUOTED COMPANIES ...: DIRECTORS’ REMUNERATION REPORT
The opening balance sheet for each financial year shall correspond...
(1) The company's directors may adapt one of the balance...
The opening balance sheet for each financial year shall correspond...
Current assets
(1) If the net realisable value of any current asset...
Assets included at a fixed amount
Determination of purchase price or production cost
(1) The purchase price or production cost of—
Substitution of original stated amount where price or cost unknown
Equity method in respect of participating interests
Preliminary
Subject to paragraphs 33 to 35, the amounts to be...
Alternative accounting rules
Inclusion of financial instruments at fair value
Hedged items
Other assets that may be included at fair value
Accounting for changes in value
Reserves and dividends
It must be stated whether the accounts have been prepared...
Paragraphs 47 to 64 require information which either supplements the...
Share capital and debentures
Information about fair value of assets and liabilities
(1) This paragraph applies if— (a) the company has financial...
Provision for taxation
Miscellaneous matters
Paragraphs 66 to 69 require information which either supplements the...
Separate statement of certain items of income and expenditure
Particulars of tax
Miscellaneous matters
Company's own accounts: guarantees and other financial commitments in favour of group undertakings
(1) Paragraph 35 does not apply to the amount of...
Where an asset or liability relates to more than one...
Where an asset or liability relates to more than one...
In determining the aggregate amount of any item, the amount...
Preliminary
General rules
Rules for depreciation and diminution in value
(1) Where a fixed asset investment to which sub-paragraph (2)...
Treatment of fixed assets
Financial fixed assets
Current assets
(1) If the net realisable value of any asset referred...
(1) Subject to paragraph 32, the amount to be included...
Determination of cost
(1) The cost of any assets which are fungible assets...
Substitution of original stated amount where price or cost unknown
Preliminary
Subject to paragraphs 41 to 43, the amounts to be...
Alternative accounting rules
Application of the depreciation rules
Inclusion of financial instruments at fair value
Determination of fair value
Hedged items
Other assets that may be included at fair value
Accounting for changes in value
The fair value reserve
Assets and liabilities denominated in foreign currencies
(1) Subject to sub-paragraph (2), any difference between the amount...
It must be stated whether the accounts have been prepared...
Reserves and dividends
Paragraphs 58 to 84 require information which either supplements the...
Share capital and debentures
In relation to any amount which is included under assets...
There must be disclosed separately the amount of—
Information about fair value of assets and liabilities
Information where investment property and living animals and plants included at fair value
Provision for taxation
Guarantees and other financial commitments
Transferable securities
Assets and liabilities denominated in a currency other than sterling (or the currency in which the accounts are drawn up)
Unmatured forward transactions
Miscellaneous matters
Paragraphs 86 to 91 require information which either supplements the...
Particulars of tax
Subordinated liabilities
Sundry income and charges
Miscellaneous matters
Definitions for this Schedule
Financial fixed assets
Financial instruments
(1) The expressions listed in sub-paragraph (2) have the same...
Repayable on demand
Sale and repurchase transaction
Sale and option to resell transaction
The opening balance sheet for each financial year shall correspond...
Inclusion of financial instruments at fair value
Hedged items
Other assets that may be included at fair value
Accounting for changes in value
The fair value reserve
General rules
In the case of any asset included under assets item...
(1) This paragraph applies to assets included under assets items...
Excess of money owed over value received as an asset item
Assets included at a fixed amount
Determination of cost
(1) The cost of any assets which are fungible assets...
Substitution of original amount where price or cost unknown
Preliminary
Technical provisions
Provision for unearned premiums
Provision for unexpired risks
General business
Long-term business
(1) The excess of the premiums written over the claims...
(1) The figures shown in the technical account or in...
Reserves and dividends
Share capital and debentures
In relation to any amount which is included under assets...
Provision for taxation
Guarantees and other financial commitments
Separate statement of certain items of income and expenditure
Particulars of tax
(1) Subject to sub-paragraph (2), there must be disclosed as...
Commissions
Miscellaneous matters
Where an asset or liability relates to more than one...
Post balance sheet events
Definitions for this Schedule
Technical account — General business (1) Earned premiums, net of...
Technical account — Long-term business (1) Earned premiums, net of...
Non-technical account (1) Balance on the general business technical account...
Exemption from giving information about significant holdings in non-subsidiary undertakings
Construction of references to shares held by company
Introductory
Subsidiary undertakings
Holdings in subsidiary undertakings
Joint ventures
Associated undertakings
Requirement to give information about other significant holdings of parent company or group
Construction of references to shares held by parent company or group
(1) This paragraph applies where accounts are prepared in accordance...
Residual interests under pension and employees' share schemes
Employer's charges and other rights of recovery
Trustee's right to expenses, remuneration, indemnity etc.
Supplementary
Shares and debentures of company held by subsidiary undertakings
Total amount of directors' remuneration etc.
Meaning of “highest paid director”
Meaning of “long term incentive scheme”
Meaning of “shares” and “share option” and related expressions
Meaning of “pension scheme” and related expressions
References to subsidiary undertakings
Other minor definitions
Details of highest paid director's emoluments etc.
Excess retirement benefits of directors and past directors
Compensation to directors for loss of office
Sums paid to third parties in respect of directors' services
General nature of obligations
Provisions as to amounts to be shown
Exclusion of sums liable to be accounted for to company etc.
Meaning of “remuneration”
General rules
The conditions for accounting for an acquisition as a merger...
(1) The merger method of accounting is as follows.
(1) Where a group is acquired, paragraphs 9 to 11...
(1) The following information with respect to acquisitions taking place...
(1) There must also be stated in a note to...
Where during the financial year there has been a disposal...
The information required by paragraph 13, 14 or 15 need...
Where an acquisition has taken place in the financial year...
Non-controlling interests
Joint ventures
Associated undertakings
(1) The consolidated balance sheet and profit and loss account...
Related party transactions
Total amount of directors' remuneration etc
Deferred tax balances
General application of provisions applicable to individual accounts
In paragraph 1 of this Schedule— (a) the reference in...
In paragraph 9 of this Schedule, the reference in sub-paragraph...
Non-controlling interests and associated undertakings
In paragraph 21(1) of this Schedule, for the references to...
Related party transactions
Foreign currency translation
Any income and expenditure of undertakings included in the consolidation...
(1) Where assets and liabilities to be included in the...
Information as to undertaking in which shares held as a result of financial assistance operation
General application of provisions applicable to individual accounts
In paragraph 1 of this Schedule— (a) the reference in...
Financial years of subsidiary undertakings
Assets and liabilities to be included in group accounts
Elimination of group transactions
In paragraph 9 of this Schedule, the reference in sub-paragraph...
Non-controlling interests
Associated undertakings
In paragraph 21(1) of this Schedule, for the references to...
Related party transactions
Modifications of Schedule 3 to these Regulations for purposes of paragraph 31
Amounts that in the particular context of any provision of...
Elimination of group transactions
Acquisition and merger accounting
An acquisition must be accounted for by the acquisition method...
(1) The acquisition method of accounting is as follows.
Introduction
(1) This Part of this Schedule applies to the directors'...
Engagement with employees
(1) A company is exempted under this paragraph—
Engagement with suppliers, customers and others in a business relationship with the company
(1) A company is exempted under this paragraph—
(1) This Part of this Schedule applies to the directors'...
(1) This Part of this Schedule applies to the directors'...
(1) Subject to sub-paragraph (1A), this Part of this Schedule...
(1) If the report is a group directors’ report, subject...
The period for which the directors’ report is reporting the...
Asset values
The following definitions apply for the purposes of this Part...
(1) Unless the company is exempted under paragraph 20B or...
(1) Unless the company is a parent company, the company...
(1) A parent company is exempted under this paragraph—
(1) If the report is a group directors’ report, subject...
The directors’ report must state the period for which it...
The period for which the directors’ report is reporting the...
The following definitions apply for the purposes of this Part...
This Part of this Schedule applies to the directors’ report...
A company is exempted under this paragraph if—
In paragraph 23(3)— (a) for a period that is a...
In this Part— “corporate governance”, in relation to a company,...
The directors’ report for a company is not required to...
(1) Paragraph 28 does not apply if—
For the purposes of this Part— (a) a payment falls...
(1) For the purposes of this Part, a qualifying contract...
For the purposes of this Part of this Schedule— “...
Charitable donations
Financial instruments
Miscellaneous
This Part of this Schedule applies where shares in a...
(1) The methods to be used to calculate the sums...
Definitions applicable to the single total figure table
Additional requirements in respect of the single total figure table
Payments to past directors
Payments for loss of office
Annual percentage change in remuneration of directors and employees
Requirement to provide pay ratio information
Pay ratios table
The directors’ remuneration report must set out a summary for...
Future policy table
In respect of each of the components described in the...
The information required by paragraph 25 may, in respect of...
The directors’ remuneration report must contain a statement by the...
Service contracts
The directors’ remuneration policy must contain an indication of the...
Where the directors’ service contracts are not kept available for...
The provisions of paragraphs 30 and 31 relating to directors’...
Illustrations of application of remuneration policy
(1) The bar chart must contain separate bars representing—
The directors’ remuneration report must, in respect of each person...
Policy on payment for loss of office
Single total figure of remuneration for each director
Statement of consideration of shareholder views
The information contained in the directors’ remuneration report which is...
A revised directors’ remuneration policy must be set out in...
(1) In this Schedule— “amount”, in relation to a gain...
For the purposes of this Schedule emoluments paid or receivable...
(1) The following applies with respect to the amounts to...
(1) The amounts to be shown for any financial year...
Where it is necessary to do so for the purpose...
The Schedule requires information to be given only so far...
(1) The form of the table required by paragraph 4...
Definition of “Provisions”
References in these Regulations to provisions for liabilities or, in...
At the balance sheet date, a provision must represent the...
Financial assistance for purchase of own shares
Redemption or purchase by private company out of capital
Net asset restriction on public companies distributions
Distributions by investment companies
Justification of distribution by references to accounts
Realised losses
Capitalisation
Materiality
Participating interests
Purchase price
Realised profits and realised losses
Scots land tenure
Financial instruments
(1) Save in Schedule 2 to these Regulations, the expressions...
Fixed and current assets
Fungible assets
Historical cost accounting rules
Leases
Listed investments
Loans
ASSETS
Vertical layout
Horizontal layout
(1) Called up share capital not paid (Assets items A...
ASSETS
Other sections — not classified into a Part
These sections sit outside the numbered Parts — usually provisions added or moved by later amendments.
sch. 3 para. 26
- Value land and buildings at market value every 5 years Trader
(1) Where the special nature of the company's business requires...
- Adapt accounts formats for special business nature and combine immaterial items Director or Officer
(1) Subject to sub-paragraph (2), the directors must not include...
- Show comparative prior-year figures in accounts and omit empty lines Director or Officer
(1) Where the reasons for which any provision was made...
- Write back provisions when reasons cease and disclose in accounts Trader
(1) Intangible assets must be written off over the useful...
- Write off intangible assets over their useful economic life or, if uncertain, over a maximum of 10 years with disclosure Director or Officer
(1) In the case of land and buildings, current value...
- Value land and buildings at market value, revalue every five years Trader
Browse 36 other sections
Preliminary
sch. 1 para. 12
sch. 1 para. 13
sch. 1 para. 14
sch. 1 para. 15
Preliminary
Accounting principles
Accounting principles
Preliminary
Accounting principles
Accounting principles
Accounting principles
Valuation
Valuation of assets: general
Alternative valuation of fixed-income securities
Meaning of "current value"
Application of the depreciation rules
Additional information to be provided
Revaluation reserve
Associated undertakings
(1) Subject to the following provisions of this Schedule—
(1) Where in accordance with paragraph 1 a company's balance...
(1) Any item required to be shown in a company's...
Amounts in respect of items representing assets or income may...
In determining the aggregate amount of any item, the amount...
Preliminary
General rules
Rules for depreciation and diminution in value
(1) Where a fixed asset investment falling to be included...
Intangible Assets
(1) Intangible assets other than goodwill may be shown at...
Alternative valuation of fixed-income securities
Meaning of “current value”
Application of the depreciation rules
Additional information to be provided
Revaluation reserve
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Companies House
PrimaryRegistration and regulation of UK companies. Maintains the public register of companies, enforces filing requirements for annual accounts and confirmation statements. Gateway …
Financial Reporting Council
Regulates auditors, accountants, and actuaries. Sets UK Corporate Governance Code and Stewardship Code. Monitors corporate reporting and audit quality. Planned to become …
Explore more
Browse legislation
Find other UK business legislation with related guidance.
Regulators
Learn more about the bodies that enforce this legislation.