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).