Value of “gross assets”

The gross assets rule

1.Paragraph 8, Schedule 28B, ICTA 88 provides that a Venture Capital Trust's holding of shares, or of shares and securities, in a company cannot be part of its qualifying holdings for the purposes of section 842AA ICTA 88 if the value of that company's gross assets exceeds–

£7 million immediately before the issue of the holding in question; or

£8 million immediately afterwards.

2.Section 293(6A) ICTA 88 provides that a company cannot be a qualifying company for the purposes of the Enterprise Investment Scheme in relation to an issue of eligible shares if the value of its gross assets exceeds–

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