Capital Allowances Act 2001 section 154

Further registration requirement

Section 154 sets out an ongoing registration requirement that a ship must meet during a qualifying period in order to remain a qualifying ship for capital allowances purposes.

• A ship must be registered on a relevant shipping register during the qualifying period, but a three-month grace period applies from the start of that period.
• The qualifying period runs for up to three years from when the ship is first used for a qualifying activity, or ends earlier if neither the owner nor a connected person still owns the ship.
• If the ship falls off a relevant register after the initial three-month grace period, it permanently loses its qualifying ship status from that point onwards.
• A relevant register is one maintained under the laws of the British Islands, an EEA State, or a British colony.