Finance Act 2008
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Change 1
SCHEDULE 11 Venture 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; , and (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— Excluded activities: shipbuilding 30A 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. Excluded activities: producing coal 30B (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. Excluded activities: producing steel 30C 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, , and (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— Excluded activities: shipbuilding 196A 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. Excluded activities: producing coal 196B (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. Excluded activities: producing steel 196C 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, , and (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— Excluded activities: shipbuilding 307A 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. Excluded activities: producing coal 307B (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. Excluded activities: producing steel 307C 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”) before 6 April 2018 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.
SCHEDULE 11 Venture 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; , and (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— Excluded activities: shipbuilding 30A 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. Excluded activities: producing coal 30B (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. Excluded activities: producing steel 30C 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, , and (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— Excluded activities: shipbuilding 196A 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. Excluded activities: producing coal 196B (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. Excluded activities: producing steel 196C 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, , and (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— Excluded activities: shipbuilding 307A 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. Excluded activities: producing coal 307B (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. Excluded activities: producing steel 307C 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”) before 6 April 2018 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.
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