(1)For the purposes of the deferment rules, expenditure on the provision of a ship is expenditure on new shipping if the conditions in subsection (3) are met.
(2)Subsection (1) is subject to sections 147 to 150.
(3)The conditions are that—
(a)the expenditure is qualifying expenditure incurred by a person wholly and exclusively for the purposes of a qualifying activity carried on by him,
(b)when the expenditure is incurred, it appears that the ship will—
(i)be brought into use for the purposes of the qualifying activity as a qualifying ship, and
(ii)continue to be a qualifying ship for at least 3 years after that, and
(c)the expenditure is allocated to a single ship pool.