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Income Tax (Earnings and Pensions) Act 2003

Paragraph 12: The gross assets requirement

3482.This paragraph sets out the gross assets test that a company must satisfy in order to qualify under EMI. It derives from paragraph 16 of Schedule 14 to FA 2000.

3483.The wording of this gross assets test is very brief. Inland Revenue Statement of Practice  2/00 expands upon it, explaining that gross assets are all the assets shown in a company’s balance sheet without any deductions for liabilities, and providing information about the application of United Kingdom accounting practice and which balance sheets should be used.

3484.The test in sub-paragraph (3) makes it clear that the computation requires the addition of the value of the gross assets of each member of the group.

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