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Subsection (5) is hereby repealed.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).