The Enterprise Act 2002 (Merger Fees and Determination of Turnover) Order 2003

Exemption for acquisitions by small and medium sized enterprises

7.—(1) In a case falling within article 3(a) no fee shall be payable by the person who gives the merger notice where—

(a) that person is the acquirer;

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

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

(2) In a case falling within article 3(b) or (c) no fee shall be payable by the acquirer where the acquirer qualifies as small or medium sized.

(3) For the purpose of paragraphs (1) and (2) an enterprise qualifies as small or medium sized if, immediately before the time at which the fee would otherwise become payable—

(a) it satisfies the requirements to be small or medium sized set out in subsections (3) to (6) of section 247 of the Companies Act 1985(1) (“the 1985 Act”) in its most recent financial year, whether or not the enterprise is a company; and

(b) where it is a member of a group as defined in section 262 of the 1985 Act (whether or not the enterprise is a company), that group qualifies as small or medium sized within the meaning of subsection (3) to (5) of section 249 of the 1985 Act in its most recent financial year.

(1)

1985 c. 6.