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HMRC internal manual

Venture Capital Schemes Manual

From
HM Revenue & Customs
Updated
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CVS: general: qualifying issuing companies: gross assets

FA00/SCH15/PARA22

The ‘gross assets’ of the issuing company must not exceed a certain amount immediately before the issue of the shares. See VCM13110 for those limits. In the case of a company with a subsidiary, these limits apply to the aggregated gross assets of all the companies in the group (excluding shares in, and loans to, the subsidiaries).

All forms of property that appear in a company’s balance sheet are assets for the purpose of this rule.

The Board have issued a statement of practice indicating that for the purpose of this rule we will determine the value of an asset by reference to the value shown in the company’s balance sheet - see Statement of Practice SP2/06.