Schedule 11 | Venture 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;

, and

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

(3)After paragraph 30 insert—

30AExcluded activities: shipbuilding

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

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—

196AExcluded activities: shipbuilding

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

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—

307AExcluded activities: shipbuilding

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

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.^F1

(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.