PART 3Exemptions
CHAPTER 2Minimal or SPEI financial assistance
Minimal financial assistance
I1I236Minimal financial assistance
1
The subsidy control requirements do not apply to minimal financial assistance given to an enterprise if the total amount of minimal or SPEI financial assistance given to the enterprise within the applicable period does not exceed £315,000.
2
The applicable period is the period comprising—
a
the elapsed part of the current financial year, and
b
the two financial years immediately preceding the current financial year.
3
“Minimal financial assistance” means a subsidy given under this section, and for this purpose a subsidy is given under this section if the authority that is giving the subsidy provides to the enterprise that receives it a minimal financial assistance confirmation (see section 37(5)).
4
In subsection (1), the reference to the subsidy control requirements does not include the requirements as to transparency in Chapter 3 of Part 2 except in relation to the giving of a subsidy as minimal financial assistance if the amount of the subsidy is no more than £100,000.
5
For the purposes of this section—
a
if minimal financial assistance is provided in cash, the gross cash amount given is to be used in determining the amount of assistance;
b
if minimal financial assistance is provided otherwise than in cash, the amount of assistance given is to be determined by reference to the gross cash equivalent of the assistance.
6
This section does not authorise the giving of a subsidy relating to goods that is in contravention of section 16 (export performance) or 17 (use of domestic goods or services).
7
In subsection (2)—
a
the “current financial year” is the financial year in which the minimal financial assistance is given, and
b
the “elapsed part” of that year is so much of it as has passed at the time when it is given.