Source: http://www.legislation.gov.uk/ukpga/2015/11/schedule/6/enacted
Timestamp: 2018-07-18 09:24:21
Document Index: 176218707

Matched Legal Cases: ['ART 1', 'art 5', 'art 5', 'ART 3', 'art 6', 'art 6', 'art 6', 'ART 4', 'arts 5', 'art 5', 'art 6']

SCHEDULE 6Investment reliefs: excluded activities
PART 1Part 5B of ITA 2007: amendment coming into force on passing of Act
1In Part 5B of ITA 2007 (tax relief for social investments), after section 257MV insert—
“257MWExcluded activities: power to amend
(1)The Treasury may by regulations add to, repeal or otherwise amend any provision of sections 257MQ to 257MT (excluded activities).
(3)So far as they cause an activity to cease to be an excluded activity, amendments made by regulations under this section may have effect in relation to times before they come into force, but not times before 6 April 2015.
(4)This section is without prejudice to any other power to amend any provision of this Part.”
PART 3Part 6 of ITA 2007: excluded activities from 6 April 2015
6The following provisions of Part 6 of ITA 2007 (venture capital trusts) are amended as set out in paragraphs 7 and 8—
(a)section 309A (excluded activities for purposes of Part 6: subsidised generation or export of electricity), and
(b)section 309B (excluded activities for those purposes: subsidised generation of heat and subsidised production of gas or fuel).
7In section 309A—
8(1)In section 309A—
(2)In section 309B—
9The amendments made by this Part of this Schedule have effect in relation to relevant holdings issued on or after 6 April 2015.
PART 4Further amendments of Parts 5 to 6 of ITA 2007
10(1)Part 5 of ITA 2007 is further amended as follows.
(2)In section 198A—
(a)omit subsections (5) and (6) (exception for community-based generation), and
(b)in subsection (9), omit the definitions of “community benefit society”, “co-operative society” and “NI industrial and provident society”.
(3)In section 198B—
(a)omit subsections (3) and (4) (exception for community-based generation or production), and
(b)omit subsection (6) (interpretation of section).
11(1)Part 6 of ITA 2007 is further amended as follows.
(2)In section 309A—
(3)In section 309B—
12In consequence of paragraphs 10 and 11—
(a)in FA 2014, omit section 56(3)(b) and (6)(b), and
(b)in the Co-operative and Community Benefit Societies Act 2014, omit paragraphs 106 and 107 of Schedule 4.