Part 6Venture capital trusts
Chapter 4Qualifying holdings
The requirements
297AF1The number of employees requirement
1
If the relevant company is a single company, the full-time equivalent employee number for it must be less than F2250 when the relevant holding is issued.
2
If the relevant 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 F3250 when the relevant holding is 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 section references to an employee—
a
include a director, but
b
do not include—
i
an employee on maternity or paternity leave, or
ii
a student on vocational training.