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Income and Corporation Taxes Act 1988
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- UK Public General Acts
- 1988 c. 1
- SCHEDULE 28B
- Requirement as to the...
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Changes over time for: Cross Heading: Requirement as to the assets of the relevant company
No versions valid at: 03/05/1994
Alternative versions:
- 01/05/1995- Amendment
- 03/05/1994
Point in time - 31/07/1998- Amendment
- 19/07/2006- Amendment
- 06/04/2007- Amendment
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Income and Corporation Taxes Act 1988, Cross Heading: Requirement as to the assets of the relevant company is up to date with all changes known to be in force on or before 05 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Valid from 01/05/1995
Requirement as to the assets of the relevant companyU.K.
8(1)The requirement of this paragraph is that the value of the relevant assets—
(a)did not exceed £10 million immediately before the issue of the relevant holding; and
(b)did not exceed £11 million immediately afterwards.
(2)Subject to sub-paragraph (3) below, the reference in sub-paragraph (1) above to the value of the relevant assets is a reference—
(a)in relation to a time when the relevant company did not have any qualifying subsidiaries, to the value of the gross assets of that company at that time; and
(b)in relation to any other time, to the aggregate value at that time of the gross assets of all the companies in the relevant company’s group.
(3)For the purposes of this paragraph assets of any member of the relevant company’s group that consist in rights against, or in shares in or securities of, another member of the group shall be disregarded.
(4)In this paragraph references, in relation to any time, to the relevant company’s group are references to the relevant company and its qualifying subsidiaries at that time.
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