Part 2Plant and machinery allowances
Chapter 12Ships
Qualifying ships
152Ships under 100 tons
1
This section applies if the relevant disposal event is, or results from—
a
the total loss of the old ship, or
b
damage to the old ship that puts it in a condition in which it is impossible, or not commercially worthwhile, to undertake the repairs required for restoring it to its previous use.
2
A registered ship may be a qualifying ship for the purposes of—
a
section 136(b) (further conditions for deferment), or
b
sections 146(3)(b) and 149(1)(a) (expenditure on new shipping),
even if it is not registered as a ship with a gross tonnage of 100 tons or more.
3
In subsection (2) “registered ship” means a ship registered in a register of shipping established and maintained under the law of any country or territory.