Point in time view as at 01/04/2010.
Finance Act 2007, Paragraph 1 is up to date with all changes known to be in force on or before 01 March 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.
1(1)Part 3 of Schedule 15 to FA 2000 (requirements as to issuing company) is amended as follows.U.K.
(2)In paragraph 15 (introduction to Part) after paragraph (f) insert—
“(fa)number of employees (see paragraph 22A); and”.
(3)After paragraph 22 insert—
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.
(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 or paternity leave, or
(ii)a student on vocational training.”
(4)The amendments made by this paragraph do not have effect in relation to shares issued before the day on which this Act is passed.
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
