Capital Allowances Act 2001 section 129

Election to use the appropriate non-ship pool

Section 129 allows a person who has spent qualifying expenditure on a ship to elect to move that expenditure out of a single ship pool and into the appropriate non-ship pool.

• A person who has incurred qualifying expenditure on a ship may elect, for a chargeable period, to allocate all or part of that expenditure to the appropriate non-ship pool instead of a single ship pool
• The election can cover expenditure that would otherwise go into a single ship pool, or expenditure already sitting in a single ship pool
• For income tax purposes, the election must be notified to HMRC within the normal time limit for amending the tax return for the relevant tax year; for corporation tax purposes, within 2 years after the end of the relevant chargeable period
• The relevant chargeable period is the chargeable period for which the election is made