186The gross assets requirementU.K.
(1)In the case of relevant shares issued by a single company, the value of the company's assets—
(a)must not exceed [F1£15 million] immediately before the relevant share issue, and
(b)must not exceed [F2£16 million] immediately afterwards.
(2)In the case of relevant shares issued by a parent company, the value of the group assets—
(a)must not exceed [F3£15 million] immediately before the relevant share issue, and
(b)must not exceed [F4£16 million] immediately afterwards.
(3)In this section—
(a)the relevant share issue is the issue of shares in the company that includes the relevant shares, and
(b)the value of the group assets is the sum of the values of the gross assets of each of the members of the group, ignoring any that consist in rights against, or shares in or securities of, another member of the group.
Textual Amendments
F1Words in s. 186(1)(a) substituted (19.7.2012) (with effect in accordance with Sch. 7 para. 23(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 7 paras. 11(a), 23(1); S.I. 2012/1896, art. 2(b)
F2Words in s. 186(1)(b) substituted (19.7.2012) (with effect in accordance with Sch. 7 para. 23(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 7 paras. 11(b), 23(1); S.I. 2012/1896, art. 2(b)
F3Words in s. 186(2)(a) substituted (19.7.2012) (with effect in accordance with Sch. 7 para. 23(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 7 paras. 11(a), 23(1); S.I. 2012/1896, art. 2(b)
F4Words in s. 186(2)(b) substituted (19.7.2012) (with effect in accordance with Sch. 7 para. 23(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 7 paras. 11(b), 23(1); S.I. 2012/1896, art. 2(b)