326-920 Shipbuilding, coal and steel production (from 6 April 2008)
These excluded activities 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 or the investment before 6 April 2018 of protected money (FA 2008, Sch. 11, para. 12). Protected money is money raised by the issue of shares in or securities of the investing company before 6 April 2008, or money derived from the investment of such money. The end date of 6 April 2018 is inserted by Finance Act 2018.
The definitions of these activities are taken from various EU pronouncements.