Regulation 17 Time for payment of capital fees — applications made by small companies

(1)

Schedule 4 shall have effect with respect to the capital fee payable in connection with an application made by or on behalf of a small company.

(2)

For the purpose of these Regulations, a company is a small company if, for the financial year before that in which the application is made, the amount of its turnover for the financial year is not more than the amount for the time being specified in section 248(1)(a) of the Companies Act 1985^f1; and

(a)

its balance sheet total (as defined in section 248(3) of that Act) is not more than the amount for the time being specified in section 248(1)(b) of that Act; or

(b)

the average number of persons employed by the company in the financial year before that in which the application is made (determined on a weekly basis) does not exceed the number for the time being specified in section 248(1)(c) of that Act.

Annotations

Footnotes

f1: 1985 c. 6, as amended by section 13(3) of the Companies Act 1989 (c. 40). The figures currently specified in section 248(1)(a), (b) and (c) are, respectively, £2 million, £975,000 and 50.