SCHEDULES

SCHEDULE 15 The corporate venturing scheme

Part III The issuing company

F1The number of employees requirement

Annotations:
Amendments (Textual)
F1

Sch. 15 para. 22A and cross-heading inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 16 para. 1(3) (with Sch. 16 para. 1(4))

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 F2, paternity or shared parental leave, or

ii

a student on vocational training.