SCHEDULES
SCHEDULE 5Enterprise management incentives
Part 3Qualifying companies
F1The number of employees requirement
12A
1
The number of employees requirement in the case of a single company is that the full-time equivalent employee number for it is less than 250.
2
The number of employees requirement in the case of a parent company is that 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,
is less than 250.
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
Sch. 5 para. 12A and cross-heading inserted (with effect in accordance with s. 33(6) of the amending Act) by Finance Act 2008 (c. 9), s. 33(3)