28EIS, SEIS and VCTs: exclusion of energy generationU.K.
(1)In section 192(1) of ITA 2007 (meaning of “excluded activities”: EIS and SEIS), for paragraphs (ka) to (kc) substitute—
“(ka)generating or exporting electricity or making electricity generating capacity available,
(kb)generating heat,
(kc)generating any form of energy not within paragraph (ka) or (kb),
(kd)producing gas or fuel, and”.
(2)In section 303(1) of ITA 2007 (meaning of “excluded activities”: VCTs), for paragraphs (ka) to (kc) substitute—
“(ka)generating or exporting electricity or making electricity generating capacity available,
(kb)generating heat,
(kc)generating any form of energy not within paragraph (ka) or (kb),
(kd)producing gas or fuel, and”.
(3)In consequence of subsection (1), ITA 2007 is amended as follows—
(a)in section 192(2)—
(i)for paragraph (g) substitute “and
(g)section 198A (export of electricity).”;
(ii)omit paragraph (h);
(b)in section 198A—
(i)in the heading, omit “subsidised generation or”;
(ii)omit subsections (3) to (9);
(c)omit section 198B.
(4)In consequence of subsection (2), ITA 2007 is amended as follows—
(a)in section 303(2)—
(i)for paragraph (g) substitute “and
(g)section 309A (export of electricity).”;
(ii)omit paragraph (h);
(b)in section 309A—
(i)in the heading, omit “subsidised generation or”;
(ii)omit subsections (3) to (9);
(c)omit section 309B.
(5)The amendments made by subsections (1) and (3) have effect in relation to shares issued on or after 6 April 2016.
(6)The amendments made by subsections (2) and (4) have effect in relation to relevant holdings issued on or after 6 April 2016.