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HMRC internal manual

International Manual

Distribution exemption: Exemption for small companies: exclusions from definition

Which types of small companies do not qualify for exemption?

Certain types of company are not treated as small companies for the purposes of CTA09/Part 9A irrespective of their size (S931S). A company is not a “small company” in an accounting period if it is at any time in that period:

  • an open-ended investment company,
  • an authorised unit trust scheme,
  • an insurance company, or
  • a friendly society.

The meanings of these terms are given by CTA09/S931S(3).