Section 331B | Knowledge-intensive company reaching turnover of £200,000 ^F1

(1)This section has effect for the purposes of sections 280C(3)(a)(ii) and 294A(2)(a)(ii) (alternative initial investing period in case of knowledge-intensive company).^F1

(2)Where—^F1

(a)the annual turnover of the relevant company in relation to an accounting period (see subsection (3)) is £200,000 or more, and^F1

(b)the annual turnover for the company in relation to each previous accounting period is less than £200,000,^F1

the company is treated as reaching an annual turnover of £200,000 or more by reference to the specified date (see subsection (4)).

(3)The annual turnover in relation to an accounting period is—^F1

(a)the turnover for that accounting period (if the accounting period is for 12 months), or^F1

(b)the turnover for the period of 12 months ending when that accounting period ends (if not).^F1

(4)The specified date is—^F1

(a)in the case of an accounting period of 12 months or less, the last day of that accounting period;^F1

(b)in the case of an accounting period of more than 12 months, the last day of the period of 12 months beginning when that accounting period begins.^F1

(5)The turnover of the relevant company for a period (“the period”) is treated for the purposes of this section as including the relevant turnover of any company that is a member of the same group as the relevant company during the whole or any part of the period (a “group company”).^F1

(6)The relevant turnover of a group company is—^F1

(a)its turnover for the period, if the group company is a member of the same group as the relevant company for the whole of the period;^F1

(b)if the group company is a member of the same group as the relevant company for part of the period, its turnover for that part of the period.^F1

(7)Any necessary apportionments of turnover are to be made, on a time basis according to the respective lengths of the periods in question, for the purposes of subsections (3)(b) and (6).^F1

(8)In this section “turnover” has the meaning given by section 474(1) of the Companies Act 2006 and is to be determined by reference to—^F1

(a)the accounts of the company, and^F1

(b)amounts recognised for accounting purposes.^F1