In this Part “small or medium-sized enterprise” means a micro, small or medium-sized enterprise as defined in Commission Recommendation (EC) No 2003/361, but subject to the qualifications in section 1120 F2(and see sections 1120A and 1120B).

The Treasury may by order amend this section or F3sections 1120 to 1120B to substitute a different definition of “small or medium-sized enterprise” for the purposes of this Part.

This section is subject to section 1081 (insurance companies to be treated as large companies for purposes of F1Chapter 2).