Statutory Instruments
2024 No. 1024
Building Societies
The Building Societies Act 1986 (Amendment of Small Business Turnover Limit) Order 2024
Made
10th October 2024
Laid before Parliament
14th October 2024
Coming into force
4th November 2024
The Treasury make this Order in exercise of the power conferred by section 7(12) of the Building Societies Act 1986( 1 ).
Citation, commencement and extent
1. —(1) This Order may be cited as the Building Societies Act 1986 (Amendment of Small Business Turnover Limit) Order 2024.
(2) This Order comes into force on 4th November 2024.
(3) This Order extends to England and Wales, Scotland and Northern Ireland.
Amendment of the small business turnover limit
2. —(1)The Building Societies Act 1986 is amended as follows.
(2) In subsections (10) and (11)(c) of section 7 (the funding limit)( 2 ) for “£1,000,000” substitute “£6,500,000” .
Jeff Smith
Anna Turley
Two of the Lords Commissioners of His Majesty’s Treasury
10th October 2024
1986 c. 53 . Section 7(12) was inserted by section 138 of and paragraph 2(5) of Schedule 9 to the Financial Services (Banking Reform) Act 2013 (c. 33) .
Section 7(10) and (11) were inserted by section 138 of and paragraph 2(5) of Schedule 9 to the Financial Services (Banking Reform) Act 2013.