[F112A(1)The number of employees requirement in the case of a single company is that the full-time equivalent employee number for it is less than 250.U.K.
(2)The number of employees requirement in the case of a parent company is that the sum of—
(a)the full-time equivalent employee number for it, and
(b)the full-time equivalent employee numbers for each of its qualifying subsidiaries,
is less than 250.
(3)The full-time equivalent employee number for a company is calculated as follows—
Step 1
Find the number of full-time employees of the company.
Step 2
Add, for each employee of the company who is not a full-time employee, such fraction as is just and reasonable.
The result is the full-time equivalent employee number.
(4)In this paragraph references to an employee—
(a)include a director, but
(b)do not include—
(i)an employee on maternity or paternity leave, or
(ii)a student on vocational training.]
Textual Amendments
F1Sch. 5 para. 12A and cross-heading inserted (with effect in accordance with s. 33(6) of the amending Act) by Finance Act 2008 (c. 9), s. 33(3)