Sch 1 para 75
(1) Any distribution made by an investment company which reduces the amount of its net assets to less than the aggregate of its called-up share capital and undistributable reserves shall be disclosed in a note to the company's accounts. (2) For purposes of this paragraph, a company's net assets are the aggregate of its assets less the aggregate of its liabilities (including any provision for liabilities within paragraph 2 of Schedule 9 to these Regulations that is made in Companies Act accounts and any provision that is made in IAS accounts); and “ undistributable reserves ” has the meaning given by section 831(4) of the 2006 Act. (3) A company shall be treated as an investment company for the purposes of this Part of this Schedule in relation to any financial year of the company if— (a) during the whole of that year it was an investment company as defined by section 833 of the 2006 Act, and (b) it was not at any time during that year prohibited from making a distribution by virtue of section 832 of the 2006 Act due to either or both of the conditions specified in section 832(5)(a) or (b) (no distribution where capital profits have been distributed etc) not being met.