Section 257MQ | Meaning of “excluded activity”

(1)The following are excluded activities for the purposes of sections 257JD, 257MJ and 257MP—

(a)dealing in land, in commodities or futures or in shares, securities or other financial instruments,

(b)banking, insurance, money-lending, debt-factoring, hire-purchase financing or other financial activities ...,

(ba)leasing (including letting ships on charter or other assets on hire),

(bb)receiving royalties or licence fees,

(bc)operating or managing nursing homes or residential care homes or managing property used as a nursing home or residential care home (see section 257MQA),

(bd)generating electricity, exporting electricity (see subsection (3)) or making electricity generating capacity available,

(be)generating heat,

(bf)generating any form of energy not within paragraph (bd) or (be),

(bg)producing gas or fuel,

(c)property development (see section 257MR),

(d)activities in the fishery and aquaculture sector that is covered by Council Regulation (EC) No. 104/2000 of 17 December 1999 on the common organisation of the markets in fishery and aquaculture products,

(e)the primary production of products listed in Annex I to the Treaty on the Functioning of the European Union (agricultural etc products), with the exception of products covered by Council Regulation EC() No. 104/2000 (fishery and aquaculture products),

(f)Repealed

(g)road freight transport for hire or reward, and

(h)providing services or facilities for a business carried on by another person (other than a company of which the provider of the services or facilities is a qualifying subsidiary) if—

(i)the business consists wholly or as to a substantial part of activities falling within any of paragraphs (a) to (g), and

(ii)a controlling interest (see section 257MT) in the business is held by a person who also has a controlling interest in the business carried on by the provider of the services or facilities.

(2)Repealed

(3)For the purposes of subsection (1)(bd) electricity is exported if it is exported onto a distribution system or transmission system (within the meaning of section 4 of the Electricity Act 1989).