Finance Act 2000

[F1 22A (1) If the issuing company is a single company, the full-time equivalent employee number for it must be less than 50 when the relevant shares are issued. U.K.

(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 50 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 paragraph references to an employee—

(a) include a director, but

(b) do not include—

(i) an employee on maternity [F2 , paternity [F3 , shared parental or parental bereavement]] leave, or

(ii) a student on vocational training.]

Textual Amendments

F1 Sch. 15 para. 22A and cross-heading inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 16 para. 1(3) (with Sch. 16 para. 1(4))

F2 Words in Sch. 15 para. 22A(4)(b)(i) substituted (1.12.2014) by Children and Families Act 2014 (c. 6), s. 139(6), Sch. 7 para. 49; S.I. 2014/1640, art. 5(2)(r)

F3 Words in Sch. 15 para. 22A(4)(b)(i) substituted (18.1.2020) by Parental Bereavement (Leave and Pay) Act 2018 (c. 24), s. 2(2), Sch. para. 34; S.I. 2020/45, reg. 2