C2

C1C5C4C3C6C7C8C9C10C11C12Part 2 Plant and machinery allowances

Annotations:
Modifications etc. (not altering text)
C1

Pt. 2 modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 12 (with Sch. 10 para. 17(1)); S.I. 2003/120, art. 2, Sch. (with arts. 34) (as amended (20.2.2003) by S.I. 2003/333, art. 14)

C5

Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 10, 22 (with s. 38(2) ); S.I. 2004/2575 , art. 2(1) , Sch. 1

C4

Pt. 2 modified (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 9 paras. 9(2), 21(2) (with s. 38(2)); S.I. 2004/2575, art. 2(1) , Sch. 1

C3

Pt. 2 restricted (5.10.2004) by Energy Act 2004 (c. 20) , s. 198(2) , Sch. 4 para. 4 ; S.I. 2004/2575 , art. 2(1) , Sch. 1

C6

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 19

C7

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 35

C8

Pt. 2 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 paras. 36, 37

C9

Pt. 2 modified (21.7.2009) by Finance Act 2009 (c. 10), s. 24

C10

Pt. 2 modified (17.7.2013) by Finance Act 2013 (c. 29), s. 73(7)-(11) (with s. 73(6))

C11

Pt. 2 modified (10.6.2021) by Finance Act 2021 (c. 26), s. 9(1)(a)

C12

Pt. 2 modified (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 7

Chapter 11 Overseas leasing

Qualifying purposes

123 Ships and aircraft

1

A ship is used for a qualifying purpose at any time when it is let on charter in the course of a trade which consists of or includes operating ships by a person who is—

a

resident in the United Kingdom or carries on the trade there, and

b

responsible for navigating and managing the ship throughout the period of the charter and for defraying—

i

all expenses in connection with the ship throughout that period, or

ii

substantially all such expenses other than those directly incidental to a particular voyage or to the employment of the ship during that period.

2

Subsection (1) applies, with the necessary modifications, in relation to aircraft as it applies in relation to ships.

3

For the purposes of subsection (1)(b) a person is responsible for something if he—

a

is responsible as principal, or

b

appoints another person to be responsible in his place.

4

Subsections (1) and (2) do not apply if the main object, or one of the main objects—

a

of the letting of the ship or aircraft on charter,

b

of a series of transactions of which the letting of the ship or aircraft on charter was one, or

c

of any of the transactions in such a series,

was to obtain a writing-down allowance determined without regard to section 109 (writing-down allowances at 10%) in respect of expenditure incurred by any person on the provision of the ship or aircraft.