(1)In this Part “small business” means a relevant undertaking which—
(a)has a headcount of staff of less than 50,
(b)if the business threshold condition applies to the relevant undertaking, meets that condition, and
(c)is not a public authority.
(2)The Secretary of State may by regulations (“SBC scope regulations”) make further provision about the meaning of “small business” in this Part.
(3)For the purposes of subsection (1)(b), the business threshold condition applies to a relevant undertaking if—
(a)SBC scope regulations provide for that condition to apply in relation to all relevant undertakings, or
(b)the relevant undertaking falls within a description of undertakings to which SBC scope regulations apply that condition.
(4)A relevant undertaking meets the business threshold condition if it has a turnover, or balance sheet total, of an amount less than or equal to the small business threshold.
(5)SBC scope regulations may (amongst other things) make provision about—
(a)the date (“the assessment date”) on which, or the period (“the assessment period”) for which, a relevant undertaking must meet a requirement of subsection (1)(a) or (b) in order to be a small business;
(b)the calculation of the headcount of staff, turnover or balance sheet total of a relevant undertaking at the assessment date or for the assessment period;
(c)the circumstances in which a relevant undertaking which has been established for less than a complete assessment period is to be regarded as meeting a requirement for that period.
(6)SBC scope regulations may provide that a relevant undertaking of a specified description is not a small business even if it falls within the definition.
(7)SBC scope regulations may—
(a)make transitional or transitory provision or savings;
(b)make different provision for different purposes.
(8)SBC scope regulations are to be made by statutory instrument.
(9)A statutory instrument containing SBC scope regulations may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.
(10)In this section—
“balance sheet total”, “headcount of staff”, “turnover” and “small business threshold” have such meanings as may be specified;
“relevant undertaking” means a person who is carrying on one or more businesses and whose registered office or principal place of business is in the United Kingdom;
“specified” means specified in SBC scope regulations.
Commencement Information
I2S. 2 in force at 1.10.2017 in so far as not already in force by S.I. 2017/473, reg. 3(a)