Part 2Plant and machinery allowances
Chapter 12Ships
Expenditure on new shipping
148Exclusions: object to secure deferment
Expenditure on the provision of a ship is not expenditure on new shipping if the object, or one of the main objects, of—
a
the transaction by which the ship was provided for the purposes of a qualifying activity carried on by the person who incurred the expenditure,
b
any series of transactions of which that transaction was one, or
c
any transaction in such a series,
was to secure the deferment of a balancing charge under section 135.