Income Tax Act 2007 section 307A

Excluded activities: shipbuilding

Section 307A defines what "shipbuilding" means for the purposes of the venture capital trust excluded activities rules.

• Shipbuilding is one of the activities excluded from qualifying for venture capital trust (VCT) relief.
• The definition of shipbuilding follows the EU Framework on state aid to shipbuilding (2003/C 317/06), published on 30 December 2003.
• References in the Framework to building in the EU are extended to include building in the United Kingdom.
• Any company whose trade consists of shipbuilding as defined by this Framework cannot be a qualifying holding for VCT purposes.