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Finance Act 1989

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Allowances for ships

14(1)In paragraph 8A of Schedule 8 to the [1971 c. 68.] Finance Act 1971 (which enables shipowners to elect to defer allowances in certain cases), in sub-paragraph (1)(b), for the words from “the expenditure” to “falling” there shall be substituted the words “the ship is not provided for leasing or letting on charter otherwise than by way of lease, or is so provided but it appears that the ship will be used in the requisite period (within the meaning of section 64 of the [1980 c. 48.] Finance Act 1980) for a qualifying purpose (within the meaning of that section) and will not at any time in that period be used for any other purpose, and the expenditure does not fall”.

(2)This paragraph shall have effect in relation to expenditure incurred on or after the day on which this Act is passed.

15(1)In section 58 of the [1985 c. 54.] Finance Act 1985 (extension of first-year allowances to ships which are not new), after subsection (2) there shall be added—

(3)In consequence of subsection (1) above—

(a)no disclaimer or claim under section 41(3) of the Finance Act 1971 may be made in respect of any ship,

(b)section 66(7) of the Finance Act 1980 and paragraph 3 of Schedule 11 to the [1982 c. 39.] Finance Act 1982 shall have effect with the omission of the word “new” in each place where it occurs, and

(c)section 59(4)(c) and (6)(c) of the [1984 c. 43.] Finance Act 1984 shall have effect with the omission of the word “new”.

(2)Paragraph (a) of section 58(3) of the Finance Act 1985 shall have effect in relation to disclaimers and claims made on or after the day on which this Act is passed, paragraph (b) of that subsection shall have effect in any case where the requisite period begins on or after that day and paragraph (c) of that subsection shall come into force on that day.

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