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).U.K.
(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).