[F160EWhen other undertakings qualify as small for a tax yearU.K.
(1)An undertaking that is not a company or a relevant undertaking qualifies as small for a tax year if one of the following conditions is met.
(2)The first condition is that the undertaking's first financial year is not relevant to the tax year.
(3)The second condition is that the undertaking's turnover for its last financial year that is relevant to the tax year is not more than the amount for the time being specified in the second column of item 1 of the Table in section 382(3) of the Companies Act 2006.
(4)For the purposes of this section a financial year of an undertaking is “relevant to” a tax year if it ends at least 9 months before the beginning of the tax year.
(5)In this section—
“relevant undertaking” has the meaning given by section 60D, and
“turnover”, in relation to an undertaking, means the amounts derived from the provision of goods or services after the deduction of trade discounts, value added tax and any other taxes based on the amounts so derived.
(6)Expressions used in this section and in the Companies Act 2006 have the same meaning in this section as in that Act.]
Textual Amendments
F1Ss. 60A-60I and cross-headings inserted (6.4.2021 for the tax year 2021-22 and subsequent tax years) by Finance Act 2020 (c. 14), Sch. 1 paras. 5, 24 (with Sch. 1 paras. 30-34)