{
  "url": "https://openlegislation.uk/finance-act-2000/schedule-15/paragraph-22",
  "json_url": "https://openlegislation.uk/finance-act-2000/schedule-15/paragraph-22.json",
  "legislation": "ukpga/2000/17",
  "legislation_title": "Finance Act 2000",
  "legislation_url": "https://openlegislation.uk/finance-act-2000",
  "path": "schedule/15/paragraph/22",
  "kind": "paragraph",
  "number": "22",
  "heading": null,
  "text": "(1) The gross assets requirement in the case of a single company is that the value of the company’s gross assets—\n(a) does not exceed £7 million immediately before the issue of the relevant shares, and\n(b) does not exceed £8 million immediately afterwards.\n(2) The gross assets requirement in the case of a parent company is that the consolidated value of the group assets—\n(a) does not exceed £7 million immediately before the issue of the relevant shares, and\n(b) does not exceed £8 million immediately afterwards.\n(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.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "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)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "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)"
    }
  ],
  "outstanding_effects": [
    {
      "type": "inserted",
      "affecting": "asp/2001/8",
      "affecting_title": "Regulation of Care (Scotland) Act 2001"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2000/17/schedule/15/paragraph/22",
    "retrieved_at": "2026-10-29T09:21:00.128981+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}