Paragraph 16
United Kingdom
The following are excluded activities—
dealing in land, in commodities or futures or in shares, securities or other financial instruments;
dealing in goods otherwise than in the course of an ordinary trade of wholesale or retail distribution (see also paragraph 17);
banking, insurance, money-lending, debt-factoring, hire-purchase financing or other financial activities;
leasing, including letting ships on charter or other assets on hire (see also paragraph 18);
receiving royalties or licence fees (see also paragraph 19);
providing legal or accountancy services;
property development (see also paragraph 20);
farming or market gardening;
holding, managing or occupying woodlands, any other forestry activities or timber production;
shipbuilding (see also paragraph 20A);
producing coal (see also paragraph 20B);
producing steel (see also paragraph 20C);
operating or managing hotels or comparable establishments, or managing property used as a hotel or comparable establishment (see also paragraph 21);
operating or managing nursing homes or residential care homes, or managing property used as a nursing home or residential care home (see also paragraph 22);
any activities which are excluded activities under paragraph 23.
Annotations
Textual amendments
- F1
Sch. 5 para. 16(ia)-(ic) inserted (with effect in accordance with s. 33(6) of the amending Act) by Finance Act 2008 (c. 9), s. 33(4)
Notes on Schedule 5
Modifications
- C1
Sch. 5 modified (18.3.2026) by Finance Act 2026 (c. 11), s. 16
- C2
Sch. 5 modified (6.4.2026) by Finance Act 2026 (c. 11), s. 13(10)