Section 1400A was inserted by Section 85 of the Companies (Accounting) Act 2017 for periods commencing on or after 1 January 2017 or where the Companies (Accounting) Act 2017 has been early adopted (permitted to be early adopted for periods beginning on or after 1 January 2015) then for the period from which the Companies (Accounting) Act 2017 has been early adopted.

The definition of ‘ineligible entities’ in section 275(1) shall apply to an investment company as if—

  1. in paragraph (c), ‘undertakings,’ were substituted for ‘undertakings, or’,
  2. in paragraph (d)(ii), ‘shall be read accordingly, or’ were substituted for ‘shall be read accordingly;’, and
  3. the following paragraph were inserted after paragraph (d):

‘(e)  are investment companies;’.

OmniPro Comment

What’s new or different? 

Companies (Accounting) Act 2017:

Modifies definition of ineligible entities as investments companies

Companies Act 2014:

Not applicable


Expanded definition of ineligible companies