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Paragraph 16

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

The gross assets requirement in the case of a single company is that the value of the company’s gross assets does not exceed F1£30 million .

(2)

The gross assets requirement in the case of a parent company is that the consolidated value of the group assets does not exceed £30 million .

(3)

The consolidated value of the group assets means the aggregate value of the gross assets of the group, disregarding any that consist in rights against, or shares in or securities of, another company in the group.

Annotations

Textual amendments

F1

Words in Sch. 14 para. 16(1)(2) substituted (1.1.2002) by S.I. 2001/3799, arts. 2, 3

Notes on Schedule 14

Textual amendments

F1

Sch. 14 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), Sch. 8 Pt. 1 (with Sch. 7)