Section 297 The gross assets requirement

United Kingdom

F1(A1)

The requirement of this section in the case of a relevant company that is a single company and not a specified Northern Ireland company is that the value of the company’s gross assets—

(a)

did not exceed £30 million immediately before the issue of the relevant holding, and

(b)

did not exceed £35 million immediately afterwards.

(A2)

The requirement of this section in the case of a relevant company that is a parent company and not a specified Northern Ireland company is that the value of the group assets—

(a)

did not exceed £30 million immediately before the issue of the relevant holding, and

(b)

did not exceed £35 million immediately afterwards.

(1)

The requirement of this section in the case of a relevant company that is a single company F2and a specified Northern Ireland company is that the value of the company's gross assets—

(a)

did not exceed F3£15 million immediately before the issue of the relevant holding, and

(b)

did not exceed F4£16 million immediately afterwards.

(2)

The requirement of this section in the case of a relevant company that is a parent company F5and a specified Northern Ireland company is that the value of the group assets—

(a)

did not exceed F6£15 million immediately before the issue of the relevant holding, and

(b)

did not exceed F7£16 million immediately afterwards.

(3)

The value of the group assets means the sum of the values of the gross assets of each of the members of the group, ignoring any that consist in rights against, or shares in or securities of, another member of the group.

Annotations

Textual amendments

F1: S. 297(A1)(A2) inserted (6.4.2026) by Finance Act 2026 (c. 11), s. 15(7)(a)(9)
F2: Words in s. 297(1) inserted (6.4.2026) by Finance Act 2026 (c. 11), s. 15(7)(b)(9)
F3: Words in s. 297(1)(a) substituted (19.7.2012) (with effect in accordance with Sch. 8 para. 20(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 8 paras. 8(a), 20(2); S.I. 2012/1901, art. 2(b)
F4: Words in s. 297(1)(b) substituted (19.7.2012) (with effect in accordance with Sch. 8 para. 20(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 8 paras. 8(b), 20(2); S.I. 2012/1901, art. 2(b)
F5: Words in s. 297(2) inserted (6.4.2026) by Finance Act 2026 (c. 11), s. 15(7)(c)(9)
F6: Words in s. 297(2)(a) substituted (19.7.2012) (with effect in accordance with Sch. 8 para. 20(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 8 paras. 8(a), 20(2); S.I. 2012/1901, art. 2(b)
F7: Words in s. 297(2)(b) substituted (19.7.2012) (with effect in accordance with Sch. 8 para. 20(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 8 paras. 8(b), 20(2); S.I. 2012/1901, art. 2(b)