SCHEDULES

SCHEDULE 2Transitionals and savings

Part 6Losses on disposal of shares

Excluded activities: leasing of ships

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1

In relation to shares issued before 6 April 2007, section 194 (as applied by the definition of “non-qualifying activities” in section 137(7)) applies with the omission of subsection (7).

2

In relation to shares issued before 6 April 2004, section 194 (as applied by section 137(7)) applies with the following modifications—

a

in subsection (1), the substitution for “offshore installations” of “oil rigs”,

b

in subsection (2), the substitution for “offshore installation” of “oil rig”, and

c

in subsection (8), the insertion after “this section” of—

“oil rig” means any ship which is an offshore installation for the purposes of the Mineral Workings (Offshore Installations) Act 1971,

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