[F1257MHThe number of employees requirementU.K.
(1)If the social enterprise is a single company, the full-time equivalent employee number for it must be less than [F2250] when the investment is made.
(2)If the social enterprise is a parent company, the sum of—
(a)the full-time equivalent employee number for it, and
(b)the full-time equivalent employee number for each of its qualifying subsidiaries,
must be less than [F2250] when the investment is made.
(3)The full-time equivalent employee number for a company is calculated by taking the number of full-time employees of the company and adding, for each employee of the company who is not a full-time employee, such fraction as is just and reasonable.
(4)In this section “employee”—
(a)includes a director, but
(b)does not include—
(i)an employee on maternity [F3, paternity or parental bereavement] leave, or
(ii)a student on vocational training.]
Textual Amendments
F1Pt. 5B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 11 para. 1
F2Word in s. 257MH(1)(2) substituted (with effect in accordance with Sch. 1 para. 14(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 1 para. 7
F3Words in s. 257MH(4)(b)(i) substituted (18.1.2020) by Parental Bereavement (Leave and Pay) Act 2018 (c. 24), s. 2(2), Sch. para. 53; S.I. 2020/45, reg. 2