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Section 312F Section 312B: the office-holder requirementF1

(1)

For the purposes of section 312B, a company meets the officer-holder requirement if the appropriate fraction does not exceed 2/5.

(2)

“The appropriate fraction” means—

ND NE

where—

ND is the number of persons who are one or both of the following—

  1. (a)

    a director or other office-holder of the company;

  2. (b)

    an employee of the company connected with a person within paragraph (a);

NE is the number of persons who are employees (or office-holders) of the company.

Annotations

Textual amendments

F1

Pt. 4 Ch. 10A inserted (with effect in accordance with Sch. 37 para. 8 of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 5

Notes on Part 4

Modifications

C1

Pt. 4 modified (10.6.2021) by Finance Act 2021 (c. 26), s. 26(3)