Section 1119 “Small or medium-sized enterprise”

United Kingdom

(1)

In this Part “small or medium-sized enterprise” means a micro, small or medium-sized enterprise as defined in Commission Recommendation (EC) No 2003/361, but subject to the qualifications in section 1120 F1(and see sections 1120A and 1120B).

(2)

The Treasury may by order amend this section or F2sections 1120 to 1120B to substitute a different definition of “small or medium-sized enterprise” for the purposes of this Part.

(3)

This section is subject to section 1081 (insurance companies to be treated as large companies for purposes of F3Chapter 2).

Annotations

Textual amendments

F1: Words in s. 1119(1) inserted (with effect in relation to accounting periods beginning on or after 1.4.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 1 paras. 16(1)(a), 20
F2: Words in s. 1119(2) substituted (with effect in relation to accounting periods beginning on or after 1.4.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 1 paras. 16(1)(b), 20
F3: Words in s. 1119(3) substituted (with effect in accordance with Sch. 15 paras. 28, 29 of the amending Act) by Finance Act 2013 (c. 29), Sch. 15 para. 21

Notes on Part 13

Textual amendments

F1: Words in Pt. 13 heading omitted (with effect in relation to accounting periods beginning on or after 1.4.2024) by virtue of Finance Act 2024 (c. 3), Sch. 1 paras. 3, 16 (with Sch. 1 para. 18); S.I. 2024/286, reg. 2