Capital Allowances Act 2001 section 151

Basic meaning of qualifying ship

Section 151 sets out the basic conditions a ship must meet to be treated as a qualifying ship for the purposes of the capital allowances deferment rules.

  • A qualifying ship must be of a sea-going kind
  • It must be registered in any country's shipping register with a gross tonnage of 100 tons or more
  • Meeting these conditions allows balancing charges on the ship to be deferred, or expenditure on the ship to be attributed to a deferred charge
  • Sections 152 to 154 provide further exceptions and additional requirements that may modify these basic conditions

Access full legislation.And much more.

By becoming a member, your team gets full access to Tax World research tools and source-backed tax resources.

Become a member