Capital Allowances Act 2001 section 127

Single ship pool

Section 127 requires that qualifying expenditure on providing a ship for a qualifying activity must be allocated to its own individual pool, known as a "single ship pool", rather than being grouped with other assets.

• Qualifying expenditure on a ship must be placed in its own separate pool — a "single ship pool" — rather than a general or class pool.
• There are two exceptions to the single ship pool requirement: certain expenditure is excluded from the single ship pool rule, and a taxpayer may elect to use the "appropriate non-ship pool" instead.
• The "appropriate non-ship pool" means the pool the expenditure would normally have been allocated to if the special ship rules did not exist — for example, the main pool or special rate pool.
• These pooling rules are specific to the ships chapter of the capital allowances legislation and override the normal pooling arrangements.