Part 4: Income tax, corporation tax and capital gains tax Section 28: EIS, VCTs and EMI: meaning of "farming" Details of the section
Subsection (1) repeals subsection (7) of section 996 of the Income Tax Act (ITA) 2007. The effect of the repeal is to stop farming activities carried on outside the UK from qualifying for tax relief under the EIS, VCT and EMI. The change applies also to the Seed Enterprise Investment Scheme (SEIS). This is because excluded activities for the SEIS are defined under section 257DA(9) ITA 2007 as those that are excluded under the EIS.
	Subsection (2) provides for the repeal to take effect from the date of Royal Assent of the Finance Act.