Paragraph 22A F1

United Kingdom

(1)

If the issuing company is a single company, the full-time equivalent employee number for it must be less than 50 when the relevant shares are issued.

(2)

If the issuing company is a parent company, the sum of—

(a)

the full-time equivalent employee number for it, and

(b)

the full-time equivalent employee numbers for each of its qualifying subsidiaries,

must be less than 50 when the relevant shares are issued.

(3)

The full-time equivalent employee number for a company is calculated as follows—

Step 1
Find the number of full-time employees of the company.
Step 2
Add, for each employee of the company who is not a full-time employee, such fraction as is just and reasonable.

The result is the full-time equivalent employee number.

(4)

In this paragraph references to an employee—

(a)

include a director, but

(b)

do not include—

(i)

an employee on maternity F2, paternity F3, shared parental or parental bereavement leave, or

(ii)

a student on vocational training.

Annotations

F1: Sch. 15 para. 22A and cross-heading inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 16 para. 1(3) (with Sch. 16 para. 1(4))
F2: Words in Sch. 15 para. 22A(4)(b)(i) substituted (1.12.2014) by Children and Families Act 2014 (c. 6), s. 139(6), Sch. 7 para. 49; S.I. 2014/1640, art. 5(2)(r)
F3: Words in Sch. 15 para. 22A(4)(b)(i) substituted (18.1.2020) by Parental Bereavement (Leave and Pay) Act 2018 (c. 24), s. 2(2), Sch. para. 34; S.I. 2020/45, reg. 2