(1) The following provisions have effect for the purposes of this Part.
(2) The following are treated as realised losses—
(a) in the case of Companies Act accounts, provisions of a kind specified for the purposes of this paragraph by regulations under section 396 (except revaluation provisions);
(b) in the case of IAS accounts, provisions of any kind (except revaluation provisions).
(3) A “revaluation provision” means a provision in respect of a diminution in value of a fixed asset appearing on a revaluation of all the fixed assets of the company, or of all of its fixed assets other than goodwill.
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