Schedules

SCHEDULE 2Transitionals and savings etc

Part 5Losses on disposal of shares

Meaning of “excluded activities”

43

(1)

In relation to shares issued before 6 April 2008, section 192 of ITA 2007 (as applied by section 79(7) of this Act) applies with the omission of the following—

(a)

in subsection (1), paragraphs (ia), (ib) and (ic), and

(b)

in subsection (2), paragraphs (da), (db) and (dc).

(2)

In relation to shares issued before 7 March 2001, section 192(1) of ITA 2007 (as applied by section 79(7) of this Act) applies with the insertion after paragraph (c) of—

“(ca)

oil extraction activities (within the meaning of Part 8 of CTA 2010),”.