Section 688 | Meaning of “significant increase in the amount of a company's capital”

(1)This section and sections 689 to 691 have effect for determining whether, for the purposes of section 677(2), there is a significant increase in the amount of a company's capital after a change in the ownership of the company.

(2)There is a significant increase in the amount of a company's capital if amount B—

(a)exceeds amount A by at least £1 million, , and

(b)is at least 125% of amount A.

(3)For the meaning of—

(a)“amount A” and “amount B”, see sections 689 and 690 respectively, and

(b)“amount of capital”, see section 691.