22(1)The gross assets requirement in the case of a single company is that the value of the company’s gross assets—U.K.
(a)does not exceed [F1£7 million] immediately before the issue of the relevant shares, and
(b)does not exceed [F2£8 million] immediately afterwards.
(2)The gross assets requirement in the case of a parent company is that the consolidated value of the group assets—
(a)does not exceed [F3£7 million] immediately before the issue of the relevant shares, and
(b)does not exceed [F4£8 million] immediately afterwards.
(3)The consolidated value of the group assets means the aggregate value of the gross assets of the group, disregarding any that consist in rights against, or shares in or securities of, another group company.
Textual Amendments
F1Words in Sch. 15 para. 22(1)(a) substituted (with effect in accordance with Sch. 14 para. 3(2)(3) to the amending Act) by Finance Act 2006 (c. 25), Sch. 14 para. 3(1)(a)
F2Words in Sch. 15 para. 22(1)(b) substituted (with effect in accordance with Sch. 14 para. 3(2)(3) to the amending Act) by Finance Act 2006 (c. 25), Sch. 14 para. 3(1)(b)
F3Words in Sch. 15 para. 22(2)(a) substituted (with effect in accordance with Sch. 14 para. 3(2)(3) to the amending Act) by Finance Act 2006 (c. 25), Sch. 14 para. 3(1)(a)
F4Words in Sch. 15 para. 22(2)(b) substituted (with effect in accordance with Sch. 14 para. 3(2)(3) to the amending Act) by Finance Act 2006 (c. 25), Sch. 14 para. 3(1)(b)