SCHEDULES

SCHEDULE 1U.K.Minor and consequential amendments

Part 1 U.K.Income and Corporation Taxes Act 1988

127U.K.After section 576F insert—

“576GThe gross assets requirement

(1)The gross assets requirement in the case of a single company is that the value of the company's gross assets—

(a)must not exceed £7 million immediately before the shares in respect of which the relief is claimed under this Chapter are issued, and

(b)must not exceed £8 million immediately afterwards.

(2)The gross assets requirement in the case of a parent company is that the value of the group assets—

(a)must not exceed £7 million immediately before the shares in respect of which the relief is claimed under this Chapter are issued, and

(b)must not exceed £8 million immediately afterwards.

(3)The value of the group assets means the aggregate of the values of the gross assets of each of the members of the group, disregarding any that consist in rights against, or shares in or securities of, another member of the group.

(4)In this section—

  • “group” means a parent company and its qualifying subsidiaries,

  • “parent company” means a company that has one or more qualifying subsidiaries,

  • “qualifying subsidiary” is to be read in accordance with section 191 of ITA 2007, and

  • “single company” means a company that does not have one or more qualifying subsidiaries.”