SCHEDULES

SCHEDULE 11Venture capital schemes

Section 32

Corporate Venturing Scheme

1

Part 3 of Schedule 15 to FA 2000 (CVS: the issuing company) is amended as follows.

2

In paragraph 26 (excluded activities)—

a

in sub-paragraph (1), after paragraph (h) insert—

ha

shipbuilding;

hb

producing coal;

hc

producing steel;

b

in sub-paragraph (2), after the entry relating to paragraph 30 insert—

  • paragraph 30A (shipbuilding);

  • paragraph 30B (producing coal);

  • paragraph 30C (producing steel);

3

After paragraph 30 insert—

30AExcluded activities: shipbuilding

In paragraph 26(1)(ha) “shipbuilding” has the same meaning as in the Framework on state aid to shipbuilding (2003/C 317/06), published in the Official Journal on 30 December 2003.

30BExcluded activities: producing coal

1

This paragraph supplements paragraph 26(1)(hb).

2

“Coal” has the meaning given by Article 2 of Council Regulation (EC) No. 1407/2002 (state aid to coal industry).

3

The production of coal includes the extraction of it.

30CExcluded activities: producing steel

In paragraph 26(1)(hc) “steel” means any of the steel products listed in Annex 1 to the Guidelines on national regional aid (2006/C 54/08), published in the Official Journal on 4 March 2006.

Enterprise Investment Scheme

4

Chapter 4 of Part 5 of ITA 2007 (EIS: the issuing company) is amended as follows.

5

In section 192 (meaning of “excluded activities”)—

a

in subsection (1), after paragraph (i) insert—

ia

shipbuilding,

ib

producing coal,

ic

producing steel,

b

in subsection (2), after paragraph (d) insert—

da

section 196A (shipbuilding),

db

section 196B (producing coal),

dc

section 196C (producing steel),

6

After section 196 insert—

196AExcluded activities: shipbuilding

In section 192(1)(ia) “shipbuilding” has the same meaning as in the Framework on state aid to shipbuilding (2003/C 317/06), published in the Official Journal on 30 December 2003.

196BExcluded activities: producing coal

1

This section supplements section 192(1)(ib).

2

“Coal” has the meaning given by Article 2 of Council Regulation (EC) No. 1407/2002 (state aid to coal industry).

3

The production of coal includes the extraction of it.

196CExcluded activities: producing steel

In section 192(1)(ic) “steel” means any of the steel products listed in Annex 1 to the Guidelines on national regional aid (2006/C 54/08), published in the Official Journal on 4 March 2006.

Venture capital trusts

7

Chapter 4 of Part 6 of ITA 2007 (VCTs: qualifying holdings) is amended as follows.

8

In section 303 (meaning of “excluded activities”)—

a

in subsection (1), after paragraph (i) insert—

ia

shipbuilding,

ib

producing coal,

ic

producing steel,

b

in subsection (2), after paragraph (d) insert—

da

section 307A (shipbuilding),

db

section 307B (producing coal),

dc

section 307C (producing steel),

9

After section 307 insert—

307AExcluded activities: shipbuilding

In section 303(1)(ia) “shipbuilding” has the same meaning as in the Framework on state aid to shipbuilding (2003/C 317/06), published in the Official Journal on 30 December 2003.

307BExcluded activities: producing coal

1

This section supplements section 303(1)(ib).

2

“Coal” has the meaning given by Article 2 of Council Regulation (EC) No. 1407/2002 (state aid to coal industry).

3

The production of coal includes the extraction of it.

307CExcluded activities: producing steel

In section 303(1)(ic) “steel” means any of the steel products listed in Annex 1 to the Guidelines on national regional aid (2006/C 54/08), published in the Official Journal on 4 March 2006.

Commencement

10

The amendments made by this Schedule are treated as having come into force on 6 April 2008.

11

But the amendments made by paragraphs 2, 3, 5 and 6 do not have effect in relation to shares issued before that date.

12

And the amendments made by paragraphs 8 and 9 do not have effect in relation to—

a

a relevant holding issued before that date, or

b

a relevant holding acquired by a company (“the investing company”) by means of the investment of protected money.

13

For the purposes of paragraph 12(b) “protected money” is—

a

money raised by the issue before that date of shares in or securities of the investing company, or

b

money derived from the investment of such money.