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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Order)

This Order substitutes a new definition of a small or medium-sized enterprise in paragraph 2(1) of Schedule 20 to the Finance Act 2000 (c. 17) in consequence of the adoption by the Commission of the European Communities of Recommendation 2003/361/EC (O.J. L 124/36 of 20.5.2003) “the Recommendation”.

Article 1 provides for the citation, commencement and effect of the Order.

Article 2 substitutes the new definition. This reflects the provisions of the Recommendation, but also contains anti-avoidance and transitional provision.

This Order does not impose any new costs on business.