Part 2Plant and machinery allowances
Chapter 12Ships
Deferment of balancing charges
135Claim for deferment
1
A person (“the shipowner”) who is liable to a balancing charge for a chargeable period may claim deferment of all or part of the charge if—
a
in the chargeable period there is a disposal event (“the relevant disposal event”) in respect of a ship (“the old ship”),
b
the old ship—
i
was provided for the purposes of a qualifying activity carried on by the shipowner, and
ii
was owned by the shipowner at some time in the chargeable period, and
c
the conditions in section 136 are met.
2
The amount which may be deferred is subject to the limit in section 138.
3
For income tax purposes, a claim for deferment must be made on or before the normal time limit for amending a tax return for the tax year in which the relevant chargeable period ends.
4
“The relevant chargeable period” means the chargeable period for which the shipowner is liable to the balancing charge.
5
For corporation tax purposes, Part IX of Schedule 18 to FA 1998 applies in relation to the making of a claim for deferment as it applies in relation to the making of a claim for an allowance.