Written question asked by Ian Pearson (Labour) on Thursday, 11 January 2001, in the House of Commons. It was due for an answer on Tuesday, 16 January 2001. It was answered by Kim Howells (Labour) on Tuesday, 16 January 2001 on behalf of the Department of Trade and Industry.

Dept of Trade and Industry

Question: To ask the Secretary of State for Trade and Industry, what plans he has to update the limits set under section 247 and section 249(3) of the Companies Act 1985 relating to small and medium-sized companies and groups. - Inc ref to 4 April 2000, 347 c405-6W.

Answer: Mr. Pearson: To ask the Secretary of State for Trade and Industry what plans he has to update the limits set under section 247 and section 249(3) of the Companies Act 1985 relating to small and medium companies and groups. [145444] Dr. Howells: In his response to a Parliamentary Question on 4 April 2000, Official Report, column 405W, my right hon. Friend the Secretary of State for Trade and Industry said that he had also decided that the current thresholds in the Companies Act which define small and medium companies for accounting purposes should be changed to the maxima allowed under EU law. However, this change will be made as part of the implementation of wide-ranging proposals on small companies which we expect to emerge from the Company Law Review. The thresholds for groups will be considered as part of this process. The independent review of Company Law is expected to publish its final recommendations in May this year. The Government will then set out their response and proposed way forward in the light of the Review's recommendations.

Secondary information

Type: Written question
Reference: 361 c217-8W; 145444
Session: 2000-01
Subjects: Audit Accountancy Company law Company accounts Companies Small businesses
Legislation: Companies Act 1985
Link: View this Written question on www.publications.parliament.uk