# Finance Act 2000, Paragraph 22A

Extent: E+W+S+N.I.

(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 , paternity , shared parental or parental bereavement leave, or
(ii) a student on vocational training.

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Source: https://www.legislation.gov.uk/ukpga/2000/17/schedule/15/paragraph/22A (the official version)
Page: https://openlegislation.uk/finance-act-2000/schedule-15/paragraph-22A
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.