SCHEDULES
SCHEDULE 2Transitionals and savings
Part 6Losses on disposal of shares
Meaning of “excluded activities”
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(1)
In relation to shares issued before 7 March 2001, section 192(1) (as applied by section 137(7)) applies with the insertion after paragraph (c) of—
“(ca)
oil extraction activities (within the meaning of Chapter 5 of Part 12 of ICTA),”.
(2)
In the application of sub-paragraph (1) on or after 7 March 2001, shares—
(a)
that were issued on or after 6 April 1998 but before 7 March 2001, and
(b)
to which EIS relief or relief under Schedule 5B to TCGA 1992 was attributable immediately before 7 March 2001,
are treated as having been issued on or after 7 March 2001.
F1(3)
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