1586. (1) In this Part, “applicable company” means –

(a) a company that, in relation to a financial year, qualifies as a large company under section 280H, or

(b) a company that, in relation to a financial year –

(i) qualifies as a small company under section 280A or a medium company under 280F, excluding a company which qualifies as a micro company under section 280D, and

(ii) falls within paragraph (a) of the definition of “public-interest entities”.

(2) For the purposes of determining whether a company qualifies as a company referred to in either paragraph (a) or (b)(i) of the definition of “applicable company”, a reference in Part 6 to the turnover of a company shall be construed as a reference to the net turnover of the company within the meaning of this Part.

(3) For the purposes of this Part, a reference in the definition of “applicable company” in subsection (1) to a company shall include an unlimited company that is a “designated ULC” within the meaning of section 1274.]

F1191[(4) For the purposes of this Part—

(a) a company shall not be deemed to be a large company under section 280H solely by virtue of the company or, in the case of a holding company, a member of the group being an ineligible entity, and

(b) in determining whether a company qualifies as a company referred to in either paragraph (a) or (b)(i) of the definition of “applicable company”, sections 280A(4)(b), 280B(5), 280D(3)(a) and (4), 280F(4)(b) and 280G(5) shall not apply.

(5) In subsection (4), “ineligible entity” means an undertaking that falls within the definition of “ineligible entities” in section 275, 1116A, 1267A or 1400A.]