Section 186 — Income Tax Act 2007: The gross assets requirement

The gross assets requirement 186 A1 In the case of relevant shares issued by a single company that is not a specified Northern Ireland company, the value of the company’s gross assets—

a must not exceed £30 million immediately before the relevant share issue, and b must not exceed £35 million immediately afterwards. A2 In the case of relevant shares issued by a parent company that is not a specified Northern Ireland company, the value of the group assets—

a must not exceed £30 million immediately before the relevant share issue, and b must not exceed £35 million immediately afterwards.

1 In the case of relevant shares issued by a single company that is a specified Northern Ireland company , the value of the company's assets—

a must not exceed £15 million immediately before the relevant share issue, and b must not exceed £16 million immediately afterwards.

2 In the case of relevant shares issued by a parent company that is a specified Northern Ireland company , the value of the group assets—

a must not exceed £15 million immediately before the relevant share issue, and b must not exceed £16 million immediately afterwards.

3 In this section—

a the relevant share issue is the issue of shares in the company that includes the relevant shares, and b the value of the group assets is the sum of the values of the gross assets of each of the members of the group, ignoring any that consist in rights against, or shares in or securities of, another member of the group.