Paragraph 17

(1)

Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003 (enterprise management incentives) is amended as follows.

(2)

In paragraph 18 (excluded activities: leasing of certain ships), in sub-paragraph (1) for “oil rigs” substitute “ offshore installations ”.

(3)

In paragraph 18(2) for “oil rig” substitute “ offshore installation ”.

(4)

In paragraph 18(8) omit the definition of “oil rig”.

(5)

In paragraph 59 (index of defined expressions) at the appropriate place insert—

“
offshore installation section 837C of ICTA
”

(6)

This paragraph has effect in relation to a right to acquire shares in a company granted on or after 6th April 2004.

(7)

Nothing in this paragraph affects the operation of Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003 in relation to a right to acquire shares in a company granted before that date.