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Changes over time for: Paragraph 14
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 10/07/2008.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2005, Paragraph 14.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
14(1)Paragraph 92 is amended as follows.U.K.
(2)In sub-paragraph (2) (meaning of “sale and lease-back arrangements”) for “subject to sub-paragraph (3)” substitute “ subject to sub-paragraphs (3) and (3A) ”.
(3)After sub-paragraph (3) insert—
“(3A)This paragraph does not apply if—
(a)expenditure is incurred on enhancing the ship or on converting it to another use,
(b)the amount of that expenditure—
(i)is greater than 33% of the market value of the ship immediately after completion of the enhancement or conversion, and
(ii)is equal to or greater than the market value of the interest in the ship which is the subject of the transaction mentioned in Step Two in sub-paragraph (2), and
(c)that transaction is effected not more than four months after the first occasion following completion of the enhancement or conversion on which the ship is brought into use by any person for any purpose.”.
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