Finance Act 2007

Minor and consequential amendments

12 (1) ITA 2007 is amended as follows.

(2) In section 143(2)(a) (losses on disposal of shares: the unquoted status requirement), for “1005” substitute “1005(1)(b)”.

(3) In section 151(2) (interpretation of Chapter 6 of Part 4), for “the Stock Exchange” substitute “a recognised stock exchange”.

(4) In section 184 (EIS: the unquoted status requirement)—

(a) in subsection (3)(a), for the words from “the Stock Exchange” to the end substitute “a recognised stock exchange,”, and

(b) in subsection (6)(a), for “1005” substitute “1005(1)(b)”.

(5) In section 257(5) (minor definitions in Part 5), for “the Stock Exchange” substitute “a recognised stock exchange”.

(6) In section 274(2) (requirements for the giving of VCT approval), for “listed throughout the relevant period in the Official List of the Stock Exchange” substitute “included in the official UK list throughout the relevant period”.

(7) In section 295(3) (VCTs: the unquoted status requirement)—

(a) in paragraph (a), for the words from “the Stock Exchange” to the end substitute “a recognised stock exchange,”, and

(b) in paragraph (c), omit “on the Unlisted Securities Market or dealt in”.

(8) In section 382(2) (minor definitions in Part 7), for “the Stock Exchange” substitute “a recognised stock exchange”.

(9) In section 397(6) (eligibility requirements for interest on loans within section 396), in the definition of “unquoted company”, for “listed in the Official List of the Stock Exchange” substitute “included in the official UK list”.

(10) In section 432 (gifts of shares, securities and real property to charities etc: meaning of “qualifying investment”)—

(a) in subsection (1)(a), for “or dealt in on a recognised stock exchange” substitute “on a recognised stock exchange or dealt in on any designated market in the United Kingdom”,

(b) in subsection (2), after “In this section—” insert—

““designated” means designated by an order made by the Commissioners for Her Majesty’s Revenue and Customs for the purposes of subsection (1)(a),”, and

(c) after that subsection insert—

“(3) An order under subsection (2) may—

(a) designate a market by name or by reference to any class or description of market, and

(b) vary or revoke a previous order under that subsection.”

(11) In section 691(1)(b) (meaning of “relevant company” in sections 689 and 690), for sub-paragraphs (i) and (ii) substitute—

“(i) included in the official UK list, and

(ii) dealt in on a recognised stock exchange in the United Kingdom regularly or from time to time.”

(12) In section 989 (list of Income Tax Acts definitions), after the definition of “settlor” insert—

““shares, stock or other securities included in the official UK list” is to be read in accordance with section 1005,

“shares, stock or other securities listed on a recognised stock exchange” is to be read in accordance with section 1005,”.

(13) Omit section 1010 (application of Income Tax Acts to recognised investment exchanges).

(14) In section 1014(2)(g) (orders and regulations)—

(a) after sub-paragraph (ii) (but before the “and”) insert—

“(iia) section 432(2) (gifts of shares, securities and real property to charities etc: meaning of “qualifying investment”),”, and

(b) in sub-paragraph (iii), for “1005(1)(b)” substitute “1005(1)”.

(15) In Schedule 4 (index of defined expressions), after the entry relating to “share loss relief (in Chapter 6 of Part 4)” insert—

“shares, stock or other securities included in the official UK list	section 1005
shares, stock or other securities listed on a recognised stock exchange	section 1005”