As first drafted, FA 2009, Sch. 46 applied to large companies, being companies which were not small or medium-sized for the purposes of the Companies Act 2006.

However, as enacted, FA 2009, Sch. 46 applies to a much smaller group of companies identified as ‘qualifying companies’. This change is believed to have substantially reduced the number of companies within the scope of FA 2009, Sch. 46 from approximately 15,000 to fewer than 2,000.

For this purpose, a company is a ‘qualifying company’ in relation to a financial year (broadly, a period of account; see ¶59-572) if it met at least one of the following tests in the previous financial year (para. 15):

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