OpenLegislation

Paragraph 12

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

The gross assets requirement in the case of a single company is that the value of the company’s gross assets does not exceed—

F1(a)

£120 million, or

(b)

where the company is a specified Northern Ireland company, £30 million.

(2)

The gross assets requirement in the case of a parent company is that the value of the group assets does not exceed—

F2(a)

£120 million, or

(b)

where the employer company is a specified Northern Ireland company, £30 million.

(3)

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

Annotations

Textual amendments

F1

Sch. 5 para. 12(1)(a)(b) inserted (6.4.2026) by Finance Act 2026 (c. 11), s. 13(4)(a)(9)

F2

Sch. 5 para. 12(2)(a)(b) inserted (6.4.2026) by Finance Act 2026 (c. 11), s. 13(4)(b)(9)

Notes on Schedule 5

Modifications

C1

Sch. 5 modified (18.3.2026) by Finance Act 2026 (c. 11), s. 16

C2

Sch. 5 modified (6.4.2026) by Finance Act 2026 (c. 11), s. 13(10)