Point in time view as at 22/03/2001.
There are currently no known outstanding effects for the Capital Allowances Act 2001, Section 147.
(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.
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