Commentary on Sections Accounting requirements Section 53 Requirements as to statements of account
294.This section amends section 42 of the 2000 Act (Annual statement of accounts), which establishes a requirement to prepare an annual statement of accounts to be submitted to the Electoral Commission. The Electoral Commission prescribes different requirements in respect of the accounts to be submitted according to whether the income or expenditure of a party falls into one of three bands currently provided for by section 42(4)(a): up to £5,000, between £5,000 and £250,000 and over £250,000.
295.Subsection (2) amends section 42(4) of the 2000 Act by substituting a new paragraph (a), increasing the number of accounting bands to four: not exceeding £25,000, exceeding £25,000 but not £100,000, exceeding £100,000 but not £250,000 and exceeding £250,000.
296.Subsection (3) inserts new subsections (4A) and (4B). New subsection (4A) provides that the Secretary of State may by order vary the number of accounting bands and new subsection (4B) provides that he may only do so to give effect to a recommendation of the Electoral Commission.