So this is a bit tricky - for fellow Taxfiler users:
FRS102.1a requires revaluation of investment properties be recognised through the P&L. However ICAEW guidance states that there should probably be a transfer of this gain out of distributable reserves to an undistributable reserve (ie a revaluation reserve) https://www.icaew.com/-/media/corporate/files/helpsheets/new-uk-gaap/frs-102-how-to-account-for-investment-property.ashx?la=en
This does not seem unreasonable.
However trying to do this in Taxfiler is proving an issue as the only options to make a transfer out of profits is a transfer to a capital redemption reserve.
How have others using Taxfiler dealt with investment property - The ICAEW state only that "So..it may be useful to transfer the movement into a separate non-distributable reserve". Sounds kind of optional to me. Maybe I should just keep the gain in accumulated profit and losses.