SCHEDULES
SCHEDULE 27Meaning of “offshore installation”
Part 2Minor and consequential amendments
The Taxes Act 1988
4
1
Chapter 3 of Part 7 of the Taxes Act 1988 (enterprise investment scheme) is amended as set out in sub-paragraphs (2) to (4).
2
In section 293 (qualifying companies), in subsection (3C)(b) for “oil rigs” substitute “
offshore installations
”
.
3
In section 297 (qualifying trades), in subsection (6) for “oil rigs” substitute “
offshore installations
”
.
4
In section 298 (provisions supplementary to sections 293 and 297), in subsection (5) omit the definition of “oil rig”.
5
This paragraph has effect in relation to shares issued on or after 6th April 2004.
6
Nothing in this paragraph affects the operation of any of the following provisions in relation to shares issued before that date—
a
Chapter 3 of Part 7 of the Taxes Act 1988 (enterprise investment scheme);
b
sections 573 and 574 of that Act (relief for losses on unlisted shares in trading companies);
c
Schedule 5B to the Taxation of Chargeable Gains Act 1992 (c. 12) (enterprise investment scheme: re-investment).