Income Tax Act 2007 Schedule 3 Part 2

Repeals having effect in relation to shares issued after 5 April 2007

Schedule 3 Part 2 lists the repeals and revocations of earlier tax legislation that take effect in relation to shares issued after 5 April 2007, primarily removing superseded Enterprise Investment Scheme provisions.

• Chapter 3 of Part 7 of the Income and Corporation Taxes Act 1988 (the original EIS provisions) is repealed in its entirety, with the sole exception of section 305A
• Corresponding amending provisions across multiple Finance Acts from 1988 to 2006 are revoked, including sections, schedules and individual paragraphs that inserted or modified the original EIS rules
• Consequential references in other rewrite statutes — the Income Tax (Earnings and Pensions) Act 2003 and the Income Tax (Trading and Other Income) Act 2005 — are also removed
• These repeals apply only in relation to shares issued after 5 April 2007; the old provisions continue to govern shares issued on or before that date