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Introduction

Most mergers that qualify for reference to a phase 2 investigation are subject to a fee, even if the investigation is not referred to phase 2.

The Competition and Markets Authority (CMA) collects this fee on behalf of HM Treasury.

Fees

Fees vary according to:

• the value of the UK turnover of the acquired enterprise(s) in the business year preceding the date of completion of the merger (for completed mergers)
• the date of the CMA’s (or the Secretary of State’s) decision on reference (for anticipated mergers) or an earlier business year if the CMA (or Secretary of State) considers this appropriate

The following fees apply ^{[footnote 1]}:

Fee	Charge band
£40,000	Value of the UK turnover of the enterprises being acquired is £20 million or less
£80,000	Value of the UK turnover of the enterprises being acquired is over £20 million but not over £70 million
£120,000	Value of the UK turnover of the enterprises being acquired exceeds £70 million, but does not exceed £120 million
£160,000	Value of the UK turnover of the enterprises being acquired exceeds £120 million

Exemptions

A merger fee is not payable if the merger involves the acquisition of an interest that is less than a controlling interest and the CMA investigated the acquisition on its own initiative.^{[footnote 2]} But this exception does not apply if the merger parties notified such an acquisition by submitting a merger notice. Find out how to submit a merger notice.

An acquiring business is exempt from paying a merger fee if, in its most recent financial year before the time the fee would become payable, it meets the criteria for small or medium-sized enterprises, as defined by reference to certain provisions in the Companies Act 2006.^{[footnote 3]}

The acquirer qualifies as small or medium-sized if it, and also (if applicable), the group of which it is a member (as defined in section 474 of the Companies Act 2006), satisfies at least 2 of the following 3 criteria in its most recent financial year ^{[footnote 4]}:

	Turnover	Balance sheet total (aggregate amount of assets)	Number of employees
Small company	£10.2 million	£5.1 million	50
Small group	£10.2 million net (or £12.2 million gross)	£5.1 million net (or £6.1 million gross)	50
Medium-sized company	£36 million	£18 million	250
Medium-sized group	£36 million net (or £43.2 million gross)	£18 million net (or £21.6 million gross)	250

When to pay

If the merger involves the acquisition of a controlling interest, we will ask you to pay the fee once we have announced our decision (or the Secretary of State has, in public interest cases). We will send you an invoice after the reference decision has been announced.

You must pay within 30 days of the date of the invoice.

How to pay

You can pay by bank transfer, cheque or banker’s draft.

You must pay in pound sterling.

Please send an email giving the acquirer’s name, the CMA’s file reference and invoice number, if applicable, and the CHAPS / BACS reference number to mergersupportteam@cma.gov.uk so that we can match the transfer to the relevant case.

By bank transfer

Use the following account details if paying by BACS or CHAPS:

Name of bank

National Westminster Bank (NatWest)

Sort code

60-70-80

Account number

10018220

Account name

CMA TRUST ACCOUNT

IBAN number

GB97NWBK60708010018220

BIC/SWIFT code

NWBKGB2L

Bank address

NatWest, Government Banking Service Branch, 2nd Floor, 280 Bishopsgate, London EC2M 4RB

The amount received must be net of any service, transfer or wiring fees charged by any bank or financial institution.

By cheque

Cheques should be payable to the Competition and Markets Authority and crossed ‘AC Payee Only’. Accompany the cheque with the payment slip at the end of the fees request letter.