Income Tax Act 2007 section 307C

Excluded activities: producing steel

Section 307C defines what "steel" means for the purposes of the excluded activities rules under the venture capital trusts regime.

• Producing steel is listed as an excluded activity, meaning companies engaged in it cannot be qualifying holdings for VCT purposes.
• "Steel" is defined by reference to the specific list of steel products set out in Annex 1 to the EU Guidelines on national regional aid (2006/C 54/08).
• Those guidelines were published in the Official Journal of the European Union on 4 March 2006.
• The definition ensures alignment with the EU state aid framework that was in force at the time the provision was introduced.