Schedule 9, paragraph 2(5)

After subsection (9) insert— In this section “small business” means any person (other than an individual acting as a sole trader) carrying on a business which had a turnover in the relevant financial year of less than £1,000,000. For the purposes of subsection (10)— the “relevant financial year”, in relation to any day by reference to which the value of X falls to be calculated for the purposes of subsection (1) in relation to a building society, means the last financial year ending before that day; “turnover”, in relation to a small business, means the amount derived from the provision of goods and services falling within the business's ordinary activities, after deduction of trade discounts, value added tax and any other taxes based on the amounts so derived; in respect of any relevant financial year, the reference to £1,000,000 includes the equivalent amount in any other currency, calculated as at the last day of that year. The Treasury may, by order made by statutory instrument, amend the figure for the time being specified in subsections (10) and (11)(c). A statutory instrument containing an order under subsection (12) is subject to annulment in pursuance of a resolution of either House of Parliament.

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Source: legislation.gov.uk · retrieved 2026-09-04