Schedules

Schedule 3Transitionals and savings

Part 4Plant and machinery allowances

Overseas leasing

23Letting ships or aircraft to obtain old first-year allowance not a qualifying purpose

Subsections (1) and (2) of section 123 do not apply if the main object, or one of the main objects—

a

of the letting of the ship or aircraft on charter,

b

of a series of transactions of which the letting of the ship or aircraft on charter was one, or

c

of any of the transactions in such a series,

was to obtain a first-year allowance in respect of expenditure which was first-year qualifying expenditure under paragraph 47 and was incurred by any person on the provision of the ship or aircraft.