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.