SCHEDULES

SCHEDULE 2Transitionals and savings

Part 8Venture capital trusts

Excluded activities: leasing of ships

83

1

For the purpose of determining whether shares or securities are to be regarded as comprised in a company's qualifying holdings, section 305 as applied by the definition of “non-qualifying activities” in section 290(8) applies in relation to shares or securities issued before 6 April 2007 with the omission of subsection (7).

2

For the purpose of determining whether shares or securities are to be regarded as comprised in a company's qualifying holdings, section 305 applies in relation to shares or securities issued before 6 April 2004 with the following modifications—

a

in subsection (1), the substitution for “offshore installations” of “oil rigs”,

b

in subsection (2), the substitution for “offshore installation” of “oil rig”,

c

in subsection (8), the insertion after “this section” of—

“oil rig” means any ship which is an offshore installation for the purposes of the Mineral Workings (Offshore Installations) Act 1971,