Amendment of section 249A2
1
Section 249A of the 1985 Act (exemptions from audit for certain categories of small company)2 is amended as follows.
2
In subsection (2), for the words “a company”, substitute the words “a company which is a charity and”.
3
In subsection (3)(b) for “£90,000” substitute “£350,000”.
4
Insert the following subsection after subsection (3)—
3A
In relation to any company which is a charity, subsection (3)(b) shall have effect with the substitution—
a
for the reference to turnover of a reference to gross income, and
b
for the reference to £350,000 of a reference to £90,000.
5
In subsection (4)—
a
for the words “a company” substitute the words “a company which is a charity”, and
b
in paragraph (b)—
i
for the word “turnover” substitute the words “gross income”, and
ii
for “£350,000” substitute “£250,000”.
6
Subsection (5) is hereby repealed.
7
Insert the following subsection after subsection (6)—
6A
A company is entitled to the exemption conferred by subsection (1) or (2) notwithstanding that it falls within paragraph (a) or (b) of section 250(1).
8
Section 249A shall be deemed, since the commencement of that section, to have had effect as amended by paragraph (7).