Section 297 — Income Tax Act 2007: The gross assets requirement

The gross assets requirement 297 A1 The requirement of this section in the case of a relevant company that is a single company and not a specified Northern Ireland company is that the value of the company’s gross assets—

a did not exceed £30 million immediately before the issue of the relevant holding, and b did not exceed £35 million immediately afterwards. A2 The requirement of this section in the case of a relevant company that is a parent company and not a specified Northern Ireland company is that the value of the group assets—

a did not exceed £30 million immediately before the issue of the relevant holding, and b did not exceed £35 million immediately afterwards.

1 The requirement of this section in the case of a relevant company that is a single company and a specified Northern Ireland company is that the value of the company's gross assets—

a did not exceed £15 million immediately before the issue of the relevant holding, and b did not exceed £16 million immediately afterwards.

2 The requirement of this section in the case of a relevant company that is a parent company and a specified Northern Ireland company is that the value of the group assets—

a did not exceed £15 million immediately before the issue of the relevant holding, and b did not exceed £16 million immediately afterwards.

3 The value of the group assets means 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.