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Companies Act 2006
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Changes over time for: Section 478
Version Superseded: 29/09/2023
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478Companies excluded from small companies exemptionU.K.
This section has no associated Explanatory Notes
A company is not entitled to the exemption conferred by section 477 (small companies) if it was at any time within the financial year in question—
(a)a public company,
(b)a company that—
(i)is an authorised insurance company, a banking company, an e-money issuer, [F1a MiFID investment firm] or a UCITS management company, [F2or]
(ii)carries on insurance market activity, or
[F3(iii)is a scheme funder of a Master Trust scheme within the meanings given by section 39(1) of the Pension Schemes Act 2017 [F4or section 39(1) of the Pension Schemes Act (Northern Ireland) 2021] (interpretation of Part 1), or]
(c)a special register body as defined in section 117(1) of the Trade Union and Labour Relations (Consolidation) Act 1992 (c. 52) or an employers' association as defined in section 122 of that Act or Article 4 of the Industrial Relations (Northern Ireland) Order 1992 (S.I. 1992/807 (N.I. 5)).
Textual Amendments
F1Words in s. 478(b)(i) substituted (1.11.2007) by The Markets in Financial Instruments Directive (Consequential Amendments) Regulations 2007 (S.I. 2007/2932), reg. 3(5)
F2Word in s. 478(b)(i) omitted (E.W.S.) (1.10.2018) by virtue of The Occupational Pension Schemes (Master Trusts) Regulations 2018 (S.I. 2018/1030), regs. 1(2), 30(4)(a)
F3S. 478(b)(iii) inserted (E.W.S.) (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations 2018 (S.I. 2018/1030), regs. 1(2), 30(4)(b)
F4Words in s. 478(b)(iii) inserted (N.I.) (1.4.2023) by The Occupational Pension Schemes (Master Trusts) Regulations (Northern Ireland) 2023 (S.R. 2023/59), regs. 1, 30(4), 33
Modifications etc. (not altering text)
C1Ss. 477-479 applied (with modifications) (1.10.2008) by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (S.I. 2008/1911), reg. 34 (as amended: (1.10.2012 with application in accordance with reg. 2 of the amending S.I.) by S.I. 2012/2301, regs. 1, 20(3); (E.W.S.) (1.10.2018) by S.I. 2018/1030, regs. 1(2), 31(4); (31.12.2020) by S.I. 2019/177, regs. 2, 50(a) (as amended by S.I. 2020/335, regs. 1, 3, 4 and S.I. 2020/523, regs. 1(2), 22, 25(c); 2020 c. 1, Sch. 5 para. 1(1)); (N.I.) (6.4.2022) by S.R. 2022/121, regs. 1, 31(4); (N.I.) (3.10.2022) by S.R. 2022/234, regs. 1, 31(4); and (N.I.) (1.4.2023) by S.R. 2023/59, regs. 1, 31(4))
C2Ss. 475-481 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 11 (with transitional provisions and savings in regs. 7, 9, Sch. 2)
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