OpenLegislation

Paragraph 22

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—

(a)

does not exceed F1£7 million immediately before the issue of the relevant shares, and

(b)

does not exceed F2£8 million immediately afterwards.

(2)

The gross assets requirement in the case of a parent company is that the consolidated value of the group assets—

(a)

does not exceed F3£7 million immediately before the issue of the relevant shares, and

(b)

does not exceed F4£8 million immediately afterwards.

(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 group company.

Annotations

Textual amendments

F1

Words in Sch. 15 para. 22(1)(a) substituted (with effect in accordance with Sch. 14 para. 3(2)(3) to the amending Act) by Finance Act 2006 (c. 25), Sch. 14 para. 3(1)(a)

F2

Words in Sch. 15 para. 22(1)(b) substituted (with effect in accordance with Sch. 14 para. 3(2)(3) to the amending Act) by Finance Act 2006 (c. 25), Sch. 14 para. 3(1)(b)

F3

Words in Sch. 15 para. 22(2)(a) substituted (with effect in accordance with Sch. 14 para. 3(2)(3) to the amending Act) by Finance Act 2006 (c. 25), Sch. 14 para. 3(1)(a)

F4

Words in Sch. 15 para. 22(2)(b) substituted (with effect in accordance with Sch. 14 para. 3(2)(3) to the amending Act) by Finance Act 2006 (c. 25), Sch. 14 para. 3(1)(b)