SCHEDULES
SCHEDULE 11Venture capital schemes
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.