Capital Allowances Act 2001 (c. 2)

Schedules

Schedule 3 Transitionals and savings

Part 4 Plant and machinery allowances

Overseas leasing

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

23 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.