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Finance Act 1995
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- 1995 c. 4
- SCHEDULE 14
- Requirement as to the assets of the relevant company
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- S.I. 2005/1523 art. 2 commences (1995 c. 4)
Commencement Orders bringing legislation that affects this Act into force:
- S.I. 2003/2093 art. 2 commences (2002 c. 40)
- S.I. 2005/1126 art. 2 commences (2005 c. 11)
- S.I. 2009/402 art. 2 commences (2008 c. 9)
- S.I. 2009/511 art. 2 commences (2008 c. 9)
- S.R. 2006/21 art. 2 commences (S.I. 2005/1455 (N.I.))
- S.R. 2006/22 art. 2-7 transitional provisions for effects of SR 2006/21
Requirement as to the assets of the relevant companyE+W+S+N.I.
8(1)The requirement of this paragraph is that the value of the relevant assets—E+W+S+N.I.
(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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