{
  "url": "https://openlegislation.uk/income-tax-act-2007/schedule-2/paragraph-54",
  "json_url": "https://openlegislation.uk/income-tax-act-2007/schedule-2/paragraph-54.json",
  "legislation": "ukpga/2007/3",
  "legislation_title": "Income Tax Act 2007",
  "legislation_url": "https://openlegislation.uk/income-tax-act-2007",
  "path": "schedule/2/paragraph/54",
  "kind": "paragraph",
  "number": "54",
  "heading": null,
  "text": "(1) In relation to shares issued before 6 April 2007, section 194 (as applied by the definition of “non-qualifying activities” in section 137(7)) applies with the omission of subsection (7).\n(2) In relation to shares issued before 6 April 2004, section 194 (as applied by section 137(7)) applies with the following modifications—\n(a) in subsection (1), the substitution for “offshore installations” of “oil rigs”,\n(b) in subsection (2), the substitution for “offshore installation” of “oil rig”, and\n(c) in subsection (8), the insertion after “this section” of—\n““oil rig” means any ship which is an offshore installation for the purposes of the Mineral Workings (Offshore Installations) Act 1971,”.\n(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 2 para. 54(3) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2007/3/schedule/2/paragraph/54",
    "retrieved_at": "2026-10-29T09:13:03.599581+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}