PART 1

Call-in for national security
CHAPTER 2

Interpretation

Exceptions relating to control of assets
11
1
For the purposes of this Act a person is not to be regarded as gaining control of a qualifying asset by reason of an acquisition made by an individual for purposes that are wholly or mainly outside the individual’s trade, business or craft.
2
Subsection (1) does not apply in relation to an asset that—
a
is land, or
b
falls within any of the following (as it has effect from time to time)—
i
the Schedule to the Export of Radioactive Sources (Control) Order 2006 (S.I. 2006/1846),
ii
article 4A of, or Schedule 2 or 3 to, the Export Control Order 2008 (S.I. 2008/3231),
iii
Annex I or IV to Council Regulation (EC) No 428/2009 of 5 May 2009,
iv
Annex I to Regulation (EU) No 258/2012 of the European Parliament and of the Council of 14 March 2012,
v
Annex II or III to Regulation (EU) 2019/125 of the European Parliament and of the Council of 1 January 2019.
3
The Secretary of State may by regulations—
a
amend subsection (2) so as to add, vary or remove any asset or description of asset,
b
prescribe other circumstances, or descriptions of circumstances, in which a person is not to be regarded for the purposes of this Act as gaining control of a qualifying asset.