Section 257MC — Income Tax Act 2007: The gross assets requirement
Text of the provision Official document
The gross assets requirement 257MC 1 If the social enterprise is a single company, the value of its assets—
a must not exceed £15 million immediately before the investment is made, and b must not exceed £16 million immediately after the investment is made.
2 If the social enterprise is a parent company, the value of the group assets—
a must not exceed £15 million immediately before the investment is made, and b must not exceed £16 million immediately after the investment is made.
3 For the purposes of subsection (2), 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 assets that consist in rights against, or shares in or securities of, another member of the group.
Official source: legislation.gov.uk
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