280I. (1) Where a monetary amount referred to in a relevant provision, in respect of the turnover or balance sheet total of a company or group, is amended by the adjustment of size regulations, a company or group shall, for the purposes of satisfying qualifying conditions under a relevant provision, treat all the amendments as applying either (as the company elects) to—

(a) each financial year beginning on or after 1 January 2024, or

(b) each financial year beginning on or after 1 January 2023, in accordance with Article 2(1) of the Commission Delegated Directive (EU) 2023/2775 of 17 October 2023².

(2) The relevant provisions shall apply to the financial year of a company or group in accordance with the election of the company or group under subsection (1).

(3) In this section—

"adjustment of size regulations" means the European Union (Adjustments of Size Criteria for Certain Companies and Groups) Regulations 2024;

"relevant provision" means sections 280A(3), 280B(4), 280D(3)(b), 280F(3) and 280G(4).]