Income Tax Act 2007

[F1257MHThe number of employees requirementU.K.
This adran has no associated Nodiadau Esboniadol

(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