Search Legislation

Finance Act 2014

Status:

This is the original version (as it was originally enacted).

Investment reliefs

53Venture capital trusts

Schedule 10 contains provision about venture capital trusts.

54Removing time limit on seed enterprise investment scheme relief

(1)Section 257A of ITA 2007 (meaning of “SEIS relief” and commencement) is amended as follows.

(2)For subsection (3) (which limits SEIS relief to shares issued on or after 6 April 2012 but before 6 April 2017) substitute—

(3)This Part has effect in relation to shares issued on or after 6 April 2012 only.

(3)Omit subsection (4) (which allows the Treasury to extend SEIS relief by order).

55Removing time limit on CGT relief in respect of re-investment under SEIS

(1)In Schedule 5BB to TCGA 1992 (seed enterprise investment scheme: re-investment), in paragraph 1 (SEIS re-investment relief)—

(a)in sub-paragraph (2)(a), for “or the tax year 2013-14” substitute “or any subsequent tax year”, and

(b)in sub-paragraph (5A), in the definition of “the relevant percentage”, in paragraph (b), for “the tax year 2013-14” substitute “any subsequent tax year”.

(2)Accordingly, in section 150G of TCGA 1992 (which introduces Schedule 5BB), omit “in the tax years 2012-13 and 2013-14”.

56Exclusion of incentivised electricity or heat generation activities

(1)ITA 2007 is amended as follows.

(2)In section 192 (EIS: meaning of “excluded activities”)—

(a)in subsection (1), omit the “and” at the end of paragraph (ka) and after that paragraph insert—

(kb)the subsidised generation of heat or subsidised production of gas or fuel, and, and

(b)in subsection (2), omit the “and” at the end of paragraph (f) and after paragraph (g) insert , and

(h)section 198B (subsidised generation of heat and subsidised production of gas or fuel).

(3)In section 198A (excluded activities: subsidised generation or export of electricity)—

(a)for subsection (3) substitute—

(3)The generation of electricity is “subsidised” if—

(a)a person receives a FIT subsidy in respect of the electricity generated,

(b)a renewables obligation certificate is issued in connection with the generation of the electricity, or

(c)a scheme established in a territory outside the United Kingdom, and corresponding to that set out in a renewables obligation order under section 32 of the Electricity Act 1989, operates to incentivise the generation of the electricity.,

(b)in subsection (6), omit the “or” after paragraph (c) and after paragraph (d) insert , or

(e)an SCE formed in accordance with Council Regulation (EC) No 1435/2003 on the Statute for a European Cooperative Society., and

(c)in subsection (9), at the end insert—

  • “renewables obligation certificate” means a certificate issued under section 32B of the Electricity Act 1989 or Article 54 of the Energy (Northern Ireland) Order 2003.

(4)After that section insert—

198BExcluded activities: subsidised generation of heat and subsidised production of gas or fuel

(1)This section supplements section 192(1)(kb).

(2)The generation of heat, or production of gas or fuel, is “subsidised” if a payment is made, or another incentive is given, under—

(a)a scheme established by regulations under section 100 of the Energy Act 2008 or section 113 of the Energy Act 2011 (renewable heat incentives), or

(b)a similar scheme established in a territory outside the United Kingdom,

in respect of the heat generated, or gas or fuel produced.

(3)But the generation of heat, or production of gas or fuel, is not to be taken to fall within section 192(1)(kb) if Condition A or B is met.

(4)Condition A is that the generation or production is carried on by—

(a)a community interest company,

(b)a co-operative society,

(c)a community benefit society,

(d)a NI industrial and provident society, or

(e)an SCE formed in accordance with Council Regulation (EC) No 1435/2003 on the Statute for a European Cooperative Society.

(5)Condition B is that the plant used for the generation of the heat, or production of the gas or fuel, relies wholly or mainly on anaerobic digestion.

(6)Section 198A(9) (definitions) applies for the purposes of this section as for the purposes of section 198A.

(5)In section 303 (VCTs: meaning of “excluded activities”)—

(a)in subsection (1), omit the “and” at the end of paragraph (ka) and after that paragraph insert—

(kb)the subsidised generation of heat or subsidised production of gas or fuel, and, and

(b)in subsection (2), omit the “and” at the end of paragraph (f) and after paragraph (g) insert , and

(h)section 309B (subsidised generation of heat and subsidised production of gas and fuel).

(6)In section 309A (excluded activities: subsidised generation or export of electricity)—

(a)for subsection (3) substitute—

(3)The generation of electricity is “subsidised” if—

(a)a person receives a FIT subsidy in respect of the electricity generated,

(b)a renewables obligation certificate is issued in connection with the generation of the electricity, or

(c)a scheme established in a territory outside the United Kingdom, and corresponding to that set out in a renewables obligation order under section 32 of the Electricity Act 1989, operates to incentivise the generation of the electricity.,

(b)in subsection (6), omit the “or” after paragraph (c) and after paragraph (d) insert , or

(e)an SCE formed in accordance with Council Regulation (EC) No 1435/2003 on the Statute for a European Cooperative Society., and

(c)in subsection (9), at the end insert—

  • “renewables obligation certificate” means a certificate issued under section 32B of the Electricity Act 1989 or Article 54 of the Energy (Northern Ireland) Order 2003.

(7)After that section insert—

309BExcluded activities: subsidised generation of heat and subsidised production of gas or fuel

(1)This section supplements section 303(1)(kb).

(2)The generation of heat, or production of gas or fuel, is “subsidised” if a payment is made, or another incentive is given, under—

(a)a scheme established by regulations under section 100 of the Energy Act 2008 or section 113 of the Energy Act 2011 (renewable heat incentives), or

(b)a similar scheme established in a territory outside the United Kingdom,

in respect of the heat generated or gas or fuel produced.

(3)But the generation of heat, or production of gas or fuel, is not to be taken to fall within section 303(1)(kb) if Condition A or B is met.

(4)Condition A is that the generation or production is carried on by—

(a)a community interest company,

(b)a co-operative society,

(c)a community benefit society,

(d)a NI industrial and provident society, or

(e)an SCE formed in accordance with Council Regulation (EC) No 1435/2003 on the Statute for a European Cooperative Society.

(5)Condition B is that the plant used for the generation of the heat, or production of the gas or fuel, relies wholly or mainly on anaerobic digestion.

(6)Section 309A(9) (definitions) applies for the purposes of this section as for the purposes of section 309A.

(8)The amendments made by subsections (2) to (4) have effect in relation to shares issued on or after the day on which this Act is passed.

(9)The amendments made by subsections (5) to (7) have effect in relation to a relevant holding issued on or after the day on which this Act is passed.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources