TTM17396 - Schedule 22 Finance Act 2000: Part IX the ring fence - capital allowances - Para 71 entry - ships acquired and disposed of within twelve months

FA00/SCH22/PARA71

(1) This paragraph applies if a company-

(a) acquires a qualifying ship within the period of six months before the company enters tonnage tax, and

(b) disposes of the ship before the end of the period of twelve months beginning with the day on which the ship was acquired.

(2) The aggregate amount of the capital allowances to which the company is entitled for the period or periods before entry into tonnage tax in respect of its expenditure on acquiring the ship is limited to the amount by which that expenditure exceeds the market value of the ship on the company’s entry into tonnage tax.

References

Ships bought and sold within 12 months	TTM09050