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Paragraph 16

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

The following are excluded activities—

(a)

dealing in land, in commodities or futures or in shares, securities or other financial instruments;

(b)

dealing in goods otherwise than in the course of an ordinary trade of wholesale or retail distribution (see also paragraph 17);

(c)

banking, insurance, money-lending, debt-factoring, hire-purchase financing or other financial activities;

(d)

leasing, including letting ships on charter or other assets on hire (see also paragraph 18);

(e)

receiving royalties or licence fees (see also paragraph 19);

(f)

providing legal or accountancy services;

(g)

property development (see also paragraph 20);

(h)

farming or market gardening;

(i)

holding, managing or occupying woodlands, any other forestry activities or timber production;

F1(ia)

shipbuilding (see also paragraph 20A);

(ib)

producing coal (see also paragraph 20B);

(ic)

producing steel (see also paragraph 20C);

(j)

operating or managing hotels or comparable establishments, or managing property used as a hotel or comparable establishment (see also paragraph 21);

(k)

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);

(l)

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)