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,
”
.