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Capital Allowances Act 2001

Example

Section 147: Exclusions: ship previously owned

563.This is the first of four sections with further conditions for expenditure to qualify for attribution. It is based on section 33D(4) and (5) of CAA 1990. It stops expenditure qualifying for attribution if, broadly speaking, a person, A, buys a ship:

  • within six years of previously owning it; or

  • which had been owned in that six-year period by a person who is connected with A at any time between:

    • the disposal event; and

    • A becoming the owner of the ship.

564.“Connected person” is defined in section 187.

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