Part 6Venture capital trusts

Chapter 4Qualifying holdings

Excluded activities

303Meaning of “excluded activities”

1

The following are excluded activities for the purposes of sections 290 and 300—

a

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

b

dealing in goods otherwise than in the course of an ordinary trade of wholesale or retail distribution,

c

banking, insurance, money-lending, debt-factoring, hire-purchase financing or other financial activities,

d

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

e

receiving royalties or licence fees,

f

providing legal or accountancy services,

g

property development,

h

farming or market gardening,

i

holding, managing or occupying woodlands, any other forestry activities or timber production,

j

operating or managing hotels or comparable establishments or managing property used as an hotel or comparable establishment,

k

operating or managing nursing homes or residential care homes or managing property used as a nursing home or residential care home, and

l

any activities which are excluded activities under section 310 (provision of services or facilities for another business).

2

Subsection (1) is supplemented by the following provisions—

a

section 304 (wholesale and retail distribution),

b

section 305 (leasing of ships),

c

section 306 (receipt of royalties and licence fees),

d

section 307 (property development),

e

section 308 (hotels and comparable establishments), and

f

section 309 (nursing homes and residential care homes).