Article 4 Qualifying condition for a body corporate or a partnership
(1) The qualifying condition for a body corporate or a partnership is that during the relevant financial year that body or partnership met one or more of the criteria in table 1 -
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Not less than £6.5 million |
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Balance sheet total |
Not less than £3.26 million |
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Number of employees |
Not less than 50 |
(2) If the organisation has existed for less than one financial year, the maximum figure for turnover must be proportionately adjusted.
(3) The balance sheet total means -
(a) the aggregate of the amounts shown as assets in the organisation's balance sheet for the relevant financial year; or
(b) where the UK deposit-taker -
(i) makes a determination as to whether the organisation meets the qualifying condition during the organisation's first financial year; and
(ii) at the time the determination is made, the organisation has not yet prepared a balance sheet;