sec.54Amount of annual return

### sec.54 Amount of annual return During the period from 1 to 15 May in each financial year the Authority must give to the responsible Ministers— an estimate of its net profit for the financial year; and a recommendation about the amount of the annual return to be paid for the financial year. Before the end of the financial year, the responsible Ministers must either approve the recommendation or give the Authority a direction to pay an annual return of a different stated amount. The amount of the annual return must not be more than the amount of the estimated net profit given to the responsible Ministers under subsection (1) (a) . In this section— net profit , of the Authority for a financial year, means its total profit for the financial year after— providing for income tax or its equivalent; and excluding any unrealised capital gains from upwards revaluation of non-current assets. profit has the meaning given by the accounting standards that apply to the Authority under the Financial Accountability Act 2009 . s 54 amd 2009 No. 9 s 136 sch 1 ; 2012 No. 39 s 102 sch pt 2 (sec.54-ssec.1) During the period from 1 to 15 May in each financial year the Authority must give to the responsible Ministers— an estimate of its net profit for the financial year; and a recommendation about the amount of the annual return to be paid for the financial year. (sec.54-ssec.2) Before the end of the financial year, the responsible Ministers must either approve the recommendation or give the Authority a direction to pay an annual return of a different stated amount. (sec.54-ssec.3) The amount of the annual return must not be more than the amount of the estimated net profit given to the responsible Ministers under subsection (1) (a) . (sec.54-ssec.4) In this section— net profit , of the Authority for a financial year, means its total profit for the financial year after— providing for income tax or its equivalent; and excluding any unrealised capital gains from upwards revaluation of non-current assets. profit has the meaning given by the accounting standards that apply to the Authority under the Financial Accountability Act 2009 . - (a) an estimate of its net profit for the financial year; and - (b) a recommendation about the amount of the annual return to be paid for the financial year. - (a) providing for income tax or its equivalent; and - (b) excluding any unrealised capital gains from upwards revaluation of non-current assets.