Point in time view as at 22/03/2001.
Capital Allowances Act 2001, Section 132 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)A person is required to bring a disposal value into account in a single ship pool if the ship—
(a)is provided for leasing, and
(b)begins to be used otherwise than for a qualifying purpose within the first 4 years of the designated period.
(2)If any disposal event (including one under subsection (1)) occurs in relation to a single ship pool—
(a)the available qualifying expenditure in the single ship pool is allocated, for the chargeable period in which the event occurs, to the appropriate non-ship pool,
(b)the disposal value must be brought into account as a disposal value for that chargeable period in the appropriate non-ship pool, and
(c)the single ship pool ends without a final chargeable period and without any liability to a balancing charge arising.
(3)Subsections (1) and (2) apply even if, as a result of an election under section 129, some of the qualifying expenditure on the provision of the ship has been allocated to the appropriate non-ship pool.
(4)In subsection (1) “leasing”, “qualifying purpose” and “designated period” have the same meaning as in Chapter 11 (overseas leasing).
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