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(1)If the issuing company is a single company, the full-time equivalent employee number for it must be less than [F2250] when the relevant shares are issued.
(2)If the issuing company is a parent company, 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,
must be less than [F3250] when the relevant shares are issued.
(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 section 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
F1S. 186A inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 16 para. 2(3) (with Sch. 16 para. 2(4)(5))
F2Word in s. 186A(1) substituted (19.7.2012) (with effect in accordance with Sch. 7 para. 23(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 7 paras. 12, 23(1); S.I. 2012/1896, art. 2(c)
F3Word in s. 186A(2) substituted (19.7.2012) (with effect in accordance with Sch. 7 para. 23(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 7 paras. 12, 23(1); S.I. 2012/1896, art. 2(c)