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Small and Medium Sized Company Exemptions
S247 of The Companies Act 1985 details the qualifying criteria for small and medium sized companies. S247A details cases in which companies may not be eligible for small/medium sized company exemptions even when meeting the criteria set out in S247.
A company is ineligible if:
- It is a public company.
- It has permission under Part 4 of the Financial Services and Markets Act 2000 to carry on one or more regulated activities, or (note that The Companies Act 1985 (Small Companies’ Accounts and Audit) Regulations 2006 have changed this section so that the ineligibility no longer relates to all authorised activities under Part 4 of FSMA but instead to: authorised insurance companies, banking companies; e-money issuers; ISD investment firms; and UCITS management companies. Note that this applies to accounting periods ending on/or after 31 December 2006).
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It carries on an insurance market activity.
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