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Small Limited Liability Partnerships (Accounts) Regulations 2008

With reference to the question about the way in which thresholds are set, they are set at the European level. If we were to have our own set of thresholds and uprate them every time for inflation, we would be adding a layer of complexity that would not be appropriate either for the Government or for businesses. For the purpose of information, the thresholds are, for a small LLP, a turnover of not more than £6.5 million and a balance sheet of £3.26 million, and for a medium-sized LLP, £25.9 million turnover and £12.9 million in balance sheet. We do not think it would be appropriate to have a different set of definitions. I cannot answer the question about the way in which the impact assessment was carried out because it was done some time ago, but I shall see if lessons can be learnt—not least wearing my hat as the Minister for better regulation; it is the least I can do. I am most grateful for the comments of the noble Lord, Lord Razzall, which will be warmly welcomed by the large number of people in BERR who have been working on this for some time. On Question, Motion agreed to.