- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/02/2019)
- Gwreiddiol (a wnaed Fel)
Point in time view as at 06/02/2019.
There are currently no known outstanding effects for the The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, Section 35.
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35. Sections 480 and 481 M1 apply to LLPs, modified so that they read as follows—
480.—(1) An LLP is exempt from the requirements of this Act relating to the audit of accounts in respect of a financial year if—
(a)it has been dormant since its formation, or
(b)it has been dormant since the end of the previous financial year and the following conditions are met.
(2) The conditions are that the LLP—
(a)as regards its individual accounts for the financial year in question—
(i)is entitled to prepare accounts in accordance with the small LLPs regime (see sections 381 to 384), or
(ii)would be so entitled but for having been a member of an ineligible group, and
(b)is not required to prepare group accounts for that year.
(3) This section has effect subject to—
section 475(2) and (3) (requirements as to statements to be contained in balance sheet), and
section 481 (LLPs excluded from dormant LLPs exemption).
481. An LLP is not entitled to the exemption conferred by section 480 (dormant LLPs) if it was at any time within the financial year in question an LLP that—
[F1(za)is a traded LLP as defined in section 474(1),]
(a)is an authorised insurance company, a banking LLP, an e-money issuer, a MiFID investment firm or a UCITS management company, or
(b)carries on insurance market activity.”
Textual Amendments
F1Words in reg. 35 inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016 (S.I. 2016/575), regs. 2(1), 23(2)
Marginal Citations
M1Section 481 was amended by regulation 3(6) of S.I. 2007/2932.
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