ANNEX 1:: MINOR CHANGES IN THE LAW MADE BY THE BILL This change is adverse to some taxpayers in principle. But it is expected to have no practical effect as it is in line with current practice.
Change 45: EIS, VCT and share loss relief: excluded activities: wholesale and retail distribution: sections 193 and 304 and Schedule 2Parts 6 and 8 (excluded activities: wholesale and retail distribution)
This change substitutes references to “the company” with references to “the trader” in the EIS and VCT provisions that define an ordinary trade of wholesale and retail distribution. The new wording makes it clear that these provisions apply whether or not the person holding the goods is a company. In principle this is a change that could be adverse to a taxpayer, but it is unlikely that circumstances have arisen, or will arise, where this point is in question.