[F1312FSection 312B: the office-holder requirementU.K.
This section has no associated Explanatory Notes
(1)For the purposes of section 312B, a company meets the officer-holder requirement if the appropriate fraction does not exceed 2/5.
(2)“The appropriate fraction” means—
where—
ND is the number of persons who are one or both of the following—
(a)
a director or other office-holder of the company;
(b)
an employee of the company connected with a person within paragraph (a);
NE is the number of persons who are employees (or office-holders) of the company.]
Textual Amendments
F1Pt. 4 Ch. 10A inserted (with effect in accordance with Sch. 37 para. 8 of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 5