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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

( 1 )

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) .

( 2 )

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.

Status: This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
The Building Societies Act 1986 (Amendment of Small Business Turnover Limit) Order 2024 (2024/1024)

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