TTM17111 - Schedule 22 Finance Act 2000: Part III qualifying companies and groups - Para 20A qualifying dredgers and tugs

FA00/SCH22/PARA20A

(1) This paragraph applies where a company operates a ship in an accounting period and the ship—

(a) is a qualifying dredger or a tug, and

(b) would, apart from this paragraph, be a qualifying ship.

(2) The ship shall not be regarded as a qualifying ship operated by the company in that accounting period unless it is used for one or more of the activities mentioned in paragraph 19(1)(a) to (d) for more than 50% of its operational time.

(3) In this paragraph “operational time”, in relation to a ship operated by a company in an accounting period, means the time during that accounting period during which the ship is—

(a) operated by the company, and

(b) used for any activity.

(4) For the purposes of sub-paragraph (2) assisting a self-propelled vessel into or out of a port or harbour is not to be regarded as use for an activity mentioned in paragraph 19(1)(c).

(5) For the purposes of sub-paragraph (3) any waiting time spent by a tug for the purposes of a particular activity is to be treated as time during which the tug is used for that activity.]

References

FA 2005 Sch 7 Para 6	TTM20006
FA 2005 Sch 7 Para 18(1) with effect from 1 July 2005	TTM20018
FA 2005 Sch 7 Paras 19-21.	TTM20019