- Draft legislation
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Companies Act 1985 (Audit Exemption) (Amendment) Regulations 2000 No. 1430
4. (1) Section 249B (cases where exemption from audit not available)(1) is modified as follows.
(2) In subsection (1A), for “section 250” substitute “section 249AA”.
(3) In subsection (1C)—
(a)in paragraph (a), after “section 249” insert “(or if all bodies corporate in such group were companies, would so qualify)”, and
(b)in paragraph (b)—
(i)after “section 249) is” insert “, where the company referred to in subsection (1B) is a charity,”, and
(ii)after “(or £420,000 gross)” insert “or, where the company so referred to is not a charity, not more than £1 million net (or £1.2 million gross)”.
(4) In subsection (3), after “section 249A” insert “or by subsection (1) of section 249AA”.
(5) In subsection (4)—
(a)after “subsection (1) or (2) of section 249A”, insert “or by subsection (1) of section 249AA”,
(b)in paragraph (a), omit “(as the case may be)”, and after “section 249A” insert “or subsection (1) of section 249AA”, and
(c)for paragraph (b) substitute—
“(b)to the effect that members have not required the company to obtain an audit of its accounts for the year in question in accordance with subsection (2) of this section”.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.