{
  "url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-5/paragraph-12",
  "json_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/schedule-5/paragraph-12.json",
  "legislation": "ukpga/2003/1",
  "legislation_title": "Income Tax (Earnings and Pensions) Act 2003",
  "legislation_url": "https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003",
  "path": "schedule/5/paragraph/12",
  "kind": "paragraph",
  "number": "12",
  "heading": null,
  "text": "(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—\n(a) £120 million, or\n(b) where the company is a specified Northern Ireland company, £30 million.\n(2) The gross assets requirement in the case of a parent company is that the value of the group assets does not exceed—\n(a) £120 million, or\n(b) where the employer company is a specified Northern Ireland company, £30 million.\n(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.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 5 para. 12(1)(a)(b) inserted (6.4.2026) by Finance Act 2026 (c. 11), s. 13(4)(a)(9)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. 5 para. 12(2)(a)(b) inserted (6.4.2026) by Finance Act 2026 (c. 11), s. 13(4)(b)(9)"
    }
  ],
  "outstanding_effects": [
    {
      "type": "words substituted",
      "affecting": "ukpga/2025/36",
      "affecting_title": "Employment Rights Act 2025"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/1/schedule/5/paragraph/12",
    "retrieved_at": "2026-10-29T09:18:42.395488+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."
}