Schedules

SCHEDULE 2Transitionals and savings etc

Part 5Losses on disposal of shares

Excluded activities: leasing of ships

45

1

In relation to shares issued before 6 April 2007, section 194 of ITA 2007 (as applied by the definition of “non-qualifying activities” in section 79(7) of this Act) applies with the omission of subsection (7).

2

In relation to shares issued before 6 April 2004, section 194 of ITA 2007 (as applied by section 79(7) of this Act) 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, ”.