{
  "url": "https://openlegislation.uk/finance-act-2007/schedule-16/paragraph-1",
  "json_url": "https://openlegislation.uk/finance-act-2007/schedule-16/paragraph-1.json",
  "legislation": "ukpga/2007/11",
  "legislation_title": "Finance Act 2007",
  "legislation_url": "https://openlegislation.uk/finance-act-2007",
  "path": "schedule/16/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": null,
  "text": "(1) Part 3 of Schedule 15 to FA 2000 (requirements as to issuing company) is amended as follows.\n(2) In paragraph 15 (introduction to Part) after paragraph (f) insert—\n“(fa) number of employees (see paragraph 22A); and”.\n(3) After paragraph 22 insert—\n“The number of employees requirement\n22A (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.\n(2) If the issuing company is a parent company, the sum of—\n(a) the full-time equivalent employee number for it, and\n(b) the full-time equivalent employee numbers for each of its qualifying subsidiaries,\nmust be less than 50 when the relevant shares are issued.\n(3) The full-time equivalent employee number for a company is calculated as follows—\nStep 1\nFind the number of full-time employees of the company.\nStep 2\nAdd, for each employee of the company who is not a full-time employee, such fraction as is just and reasonable.\nThe result is the full-time equivalent employee number.\n(4) In this paragraph references to an employee—\n(a) include a director, but\n(b) do not include—\n(i) an employee on maternity or paternity leave, or\n(ii) a student on vocational training.”\n(4) The amendments made by this paragraph do not have effect in relation to shares issued before the day on which this Act is passed.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2007/11/schedule/16/paragraph/1",
    "retrieved_at": "2026-10-29T09:12:51.142391+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."
}