Part 6Venture capital trusts
Chapter 4Qualifying holdings
The requirements
297The gross assets requirement
1
The requirement of this section in the case of a relevant company that is a single 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 is that the value of the group assets—
a
did not exceed F1£15 million immediately before the issue of the relevant holding, and
b
did not exceed F2£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.