SCHEDULES
SCHEDULE 6Investment reliefs: excluded activities
PART 4Further amendments of Parts 5 to 6 of ITA 2007
Parts 5 and 6: certain community-based activities to be excluded activities
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—
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 309B—
a
omit subsections (3) and (4) (exception for community-based generation or production), and
b
omit subsection (6) (interpretation of section).
12
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.
13Part 5B: subsidised generation or export of electricity to cease to be excluded activity
1
Part 5B of ITA 2007 is further amended as follows.
2
In section 257MQ(1) (list of excluded activities) omit paragraph (f) (subsidised generation or export of electricity).
3
Omit section 257MS (subsidised generation or export of electricity).
14Application of Part
1
The amendments made by this Part of this Schedule have effect in accordance with regulations made by the Treasury.
2
Regulations under this paragraph may make different provision for different purposes.
3
Section 1014(4) of ITA 2007 (regulations etc subject to annulment) does not apply in relation to regulations under this paragraph.
4
Regulations under this paragraph may not provide for amendments of ITA 2007 to have effect—
a
in the case of amendments of Part 5 of that Act, in relation to shares issued before 6 April 2015;
b
in the case of amendments of Part 6 of that Act, in relation to relevant holdings issued before 6 April 2015.