For subsection (3) of section 450 of the Companies Act 1985 (offence of destroying, etc company documents) substitute—

“(3)

A person guilty of an offence under this section is liable—

(a)

on conviction on indictment, to imprisonment for a term not exceeding seven years or a fine (or both);

(b)

on summary conviction—

(i)

in England and Wales, to imprisonment for a term not exceeding twelve months or to a fine not exceeding the statutory maximum (or both);

(ii)

in Scotland or Northern Ireland, to imprisonment for a term not exceeding six months, or to a fine not exceeding the statutory maximum (or both).”.