Section 257MQ — Finance Act 2014: Meaning of “excluded activity”

Meaning of “excluded activity” 257MQ 1 The following are excluded activities for the purposes of sections 257JD, 257MJ and 257MP—

a dealing in land, in commodities or futures or in shares, securities or other financial instruments, b banking, insurance, money-lending, debt-factoring, hire-purchase financing or other financial activities (but see subsection (2)),

c property development (see section 257MR),

d activities in the fishery and aquaculture sector that is covered by Council Regulation (EC) No. 104/2000 of 17 December 1999 on the common organisation of the markets in fishery and aquaculture products, e the primary production of products listed in Annex I to the Treaty on the Functioning of the European Union (agricultural etc products), with the exception of products covered by Council Regulation (EC) No. 104/2000 (fishery and aquaculture products),

f the subsidised generation or export of electricity (see section 257MS),

g road freight transport for hire or reward, and h providing services or facilities for a business carried on by another person (other than a company of which the provider of the services or facilities is a qualifying subsidiary) if—

i the business consists wholly or as to a substantial part of activities falling within any of paragraphs (a) to (g),

and ii a controlling interest (see section 257MT) in the business is held by a person who also has a controlling interest in the business carried on by the provider of the services or facilities.

2 The activity of lending money to a social enterprise is not an excluded activity for the purposes of sections 257MJ and 257MP.