323-460 Excluded activities: shipbuilding, coal and steel production
These exclusions were introduced with effect from 6 April 2008 as a result of EU legislation on the prohibition of state aid. They do not, however, have any effect in respect of shares issued before that date (FA 2008, Sch. 11, para. 11).
The definitions of these activities are taken from various EU pronouncements.
‘Shipbuilding’ means the building, in the Community, of self-propelled seagoing commercial vessels. These are in turn defined as:
•vessels of not less than 100 gt used for the transportation of passengers and/or goods;
•vessels of not less than 100 gt for the performance of a specialised service (for example, dredgers and ice breakers);