Section 931S | Meaning of “small company”

(1)For the purposes of this Part a company is a “small company” in an accounting period if it is in that period a micro or small enterprise, as defined in the Annex to Commission Recommendation 2003/361/EC of 6 May 2003.

(2)But a company is not a “small company” in an accounting period if it is at any time in that period—

(a)an open-ended investment company,

(b)an authorised unit trust scheme,

(c)an insurance company, or

(d)a friendly society.

(3)In subsection (2)—

“open-ended investment company” has the meaning given by section 236 of FISMA 2000;

“authorised unit trust scheme” means a unit trust scheme (within the meaning given by section 237 of FISMA 2000) in relation to which a order under section 243 of that Act (authorisation orders) is in force;

“insurance company” has the meaning given by section 65 of FA 2012;

“friendly society” has the meaning given by section 172 of FA 2012.