SCHEDULES
SCHEDULE 6Investment reliefs: excluded activities
PART 2Part 5 of ITA 2007: excluded activities from 6 April 2015
2Introductory
The following provisions of Part 5 of ITA 2007 (enterprise investment scheme) are amended as set out in paragraphs 3 and 4—
a
section 198A (excluded activities for purposes of Part 5 (and, by virtue of section 257DA(9), Part 5A): subsidised generation or export of electricity), and
b
section 198B (excluded activities for those purposes: subsidised generation of heat and subsidised production of gas or fuel).
3Generation of electricity involving contracts for difference
In section 198A—
a
in subsection (3), omit “or” at the end of paragraph (b) and for paragraph (c) substitute—
ba
a contract for difference has been entered into in connection with the generation of the electricity, or
c
a scheme established in a territory outside the United Kingdom that—
i
corresponds to one set out in a renewables obligation order under section 32 of the Electricity Act 1989, or
ii
is similar to one established by virtue of regulations under Chapter 2 of Part 2 of the Energy Act 2013 (contracts for difference),
operates to incentivise the generation of the electricity.
b
in subsection (9), at the appropriate place insert—
“contract for difference” means a contract for difference within the meaning of Chapter 2 of Part 2 of the Energy Act 2013 (see section 6(2) of that Act);
4Subsidised energy-related activities: anaerobic digestion and hydroelectric power
1
In section 198A—
a
in subsection (5), omit “, B or C” (exceptions for generation involving anaerobic digestion and hydroelectric power),
b
omit subsections (7) and (8), and
c
in subsection (9), omit the definition of “anaerobic digestion”.
2
In section 198B—
a
in subsection (3), omit “or B” (exception for generation or production involving anaerobic digestion), and
b
omit subsection (5).
5Application
The amendments made by this Part of this Schedule have effect in relation to shares issued on or after 6 April 2015.