Former trade secretary Stephen Byers first said that he would raise the audit threshold to £4.8m during a speech held at the British Chambers of Commerce on 4 April 2000 – although he was vague about the timing.
He did however raise the threshold to £1m, from its level of £350,000, in the mean time.
Since then the government has not indicated when it will make the leap from £1m to £4.8m.
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