147Exclusions: ship previously owned
This section has no associated Explanatory Notes
(1)Expenditure on the provision of a ship is not expenditure on new shipping if the person who incurred the expenditure—
(a)has already owned the ship in the period of 6 years ending with the time when he first owns it as a result of incurring the expenditure, or
(b)was connected at a material time with a person who owned the ship at any time during that period.
(2)For this purpose a material time is—
(a)the time when the expenditure was incurred, or
(b)any earlier time in the 6 year period beginning with the relevant disposal event.