The Enterprise Act 2002 (Merger Fees and Determination of Turnover) (Amendment) Order 2014

Amendments to the Enterprise Act 2002 (Merger Fees and Determination of Turnover) Order 2003

8.  For article 7 substitute the following—

“7.— (1) In a case in which, by virtue of article 6(1), the obligation to pay the fee under article 3(b) or (c) falls on a person who gave a merger notice under section 96 of the Act, no fee shall be payable if—

(a) that person is the acquirer;

(b) the notified arrangements relate to the enterprise that has been, or will be, taken over by the acquirer; and

(c) the acquirer qualifies as small or medium sized.

(2) In any other case, no fee is payable under article 3 where the acquirer qualifies as small or medium sized.

(3) But paragraphs (1) and (2) do not apply where the acquirer is an individual.

(4) For the purposes of paragraphs (1) and (2) an acquirer qualifies as small or medium sized if—

(a) the acquirer (whether or not it is a company) met, in its most recent financial year before the time when the fee would otherwise become payable, the qualifying conditions to be small specified in section 382(3) to (6) of the Companies Act 2006(1) or the qualifying conditions to be medium-sized specified in section 465(3)(2) to (6) of that Act; and

(b) where the acquirer is a member of a group as defined in section 474 of the Companies Act 2006 (whether or not the acquirer is a company), that group met, in its most recent financial year before the time when the fee would otherwise become payable, the qualifying conditions to be small specified in section 383(4)(3) to (7) of that Act or the qualifying conditions to be medium-sized specified in section 466(4)(4) to (7) of that Act.”

(1)

2006 c. 46; section 382(3) was amended by regulation 3(1) of the Companies Act 2006 (Amendment) (Accounts and Reports) Regulations 2008 (S.I. 2008/393).

(2)

Section 465(3) was amended by regulation 4(1) of the Companies Act 2006 (Amendment) (Accounts and Reports) Regulations 2008 (S.I. 2008/393).

(3)

Section 383(4) was amended by regulation 3(2) of the Companies Act 2006 (Amendment) (Accounts and Reports) Regulations 2008 (S.I. 2008/393).

(4)

Section 466(4) was amended by regulation 4(2) of the Companies Act 2006 (Amendment) (Accounts and Reports) Regulations 2008 (S.I. 2008/393).