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Commercial Payments Bill [HL]

Moved by

Lord Sharpe of Epsom

11: Clause 3, page 8, leave out lines 17 to 24 and insert—

“(7) In subsections (2) and (3)—

“a micro undertaking” means an undertaking which has no more than 10 full-time equivalent employees, and has—

(a) a turnover of no more than £1 million, or

(b) a balance sheet total of no more than £500,000;

“a small undertaking” means an undertaking other than a micro undertaking which has no more than 50 full-time equivalent employees, and has—

(a) a turnover of no more than £15 million, or

(b) a balance sheet total of no more than £7.5 million;

“a medium-sized undertaking” means an undertaking other than a small undertaking or micro undertaking which has no more than 250 full-time equivalent employees, and has—

(a) a turnover of no more than £54 million, or

(b) a balance sheet total of no more than £27 million;

“a large undertaking” means any undertaking other than a medium-sized undertaking, small undertaking or micro undertaking.”

Member’s explanatory statement

This amendment, and others in the name of Lord Hunt of Wirral, seek to create a standardised definition of different sized businesses on the face of the CPILPA 1998.