Finance Act 2009

15 (1) A company is a qualifying company in relation to a financial year if the qualification test was satisfied in the previous financial year (subject to any regulations under sub-paragraph (8)). U.K.

(2) The qualification test is that the company satisfied either or both of the following requirements—

1. Relevant turnover	More than £200 million
2. Relevant balance sheet total	More than £2 billion.

(3) If the company was not a member of a group at the end of the previous financial year—

(a) “relevant turnover” means the company's turnover, and

(b) “relevant balance sheet total” means the company's balance sheet total.

(4) If the company was a member of a group at the end of the previous financial year—

(a) “relevant turnover” means the aggregate turnover of the company (“C”) and any other company that was a member of the same group as C at the end of C's previous financial year, and

(b) “relevant balance sheet total” means the aggregate balance sheet totals of C and any such company.

(5) If the financial year of a company that was a member of the same group as C does not end on the same day as C's previous financial year, the figures for that company that are to be included in the aggregate figures are the figures for that company's financial year ending last before the end of C's previous financial year.

(6) “Turnover”, in relation to a company, has the same meaning as in Part 15 of the Companies Act 2006 (see section 474 of that Act).

(7) “Balance sheet total”, in relation to a company and a financial year, means the aggregate of the amounts shown as assets in the company's balance sheet as at the end of the financial year.

(8) The Treasury may by regulations provide that a company of a description specified in the regulations is not a qualifying company for the purposes of this Schedule.