C1F3PART 5ASeed enterprise investment scheme
Pt. 5A applied by Taxation of Chargeable Gains Act 1992 (c. 12), Sch. 5BB para. 8(4) (as inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 6 para. 5)
CHAPTER 4The issuing company
The requirements
257DJThe number of employees requirement
1
If the issuing company is a single company, the full-time equivalent employee number for it must be less than 25 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 25 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 section references to an employee—
a
include a director, but
Pt. 5A inserted (17.7.2012) (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 1