Finance Act 1996

29 (1) Section 33 of the Capital Allowances Act 1990 (ships: exclusion of section 31) shall be amended in accordance with the following provisions of this paragraph.

(2) For subsection (1) (notice to exclude section 31) there shall be substituted—

“(1) The shipowner may by notice given to an officer of the Board require that, with effect from the beginning of a chargeable period of a single ship trade, not being the chargeable period relating to the permanent discontinuance of that trade, section 31 shall not, or as the case may be, shall no longer apply.”

(3) For subsection (4) (notice to have expenditure in respect of single ship trade attributed to actual trade) there shall be substituted—

“(4) The shipowner may by notice given to an officer of the Board require that an amount of expenditure specified in the notice, being less than the amount which, apart from this subsection, would be his qualifying expenditure in respect of a single ship trade for a chargeable period of that trade, shall be attributed to his actual trade.”

(4) After subsection (5) there shall be substituted—

“(5A) A notice under subsection (1) or (4) above—

(a) for the purposes of income tax, shall be given on or before the first anniversary of the 31st January next following the year of assessment in which ends the chargeable period mentioned in that subsection;

(b) for the purposes of corporation tax, shall be given no later than two years after the end of the chargeable period mentioned in that subsection.”