Finance Act 2008

Venture capital trusts U.K.

7 U.K. Chapter 4 of Part 6 of ITA 2007 (VCTs: qualifying holdings) is amended as follows.

8 U.K. 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 U.K. After section 307 insert—

“307A Excluded activities: shipbuilding

In section 303(1)(ia) “shipbuilding” has the same meaning as in the Framework on state aid to shipbuilding (2003/C 317/06), published in the Official Journal on 30 December 2003.

307B Excluded 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.

307C Excluded activities: producing steel

In section 303(1)(ic) “steel” means any of the steel products listed in Annex 1 to the Guidelines on national regional aid (2006/C 54/08), published in the Official Journal on 4 March 2006.”