http://www.legislation.gov.uk/ukpga/2005/7/schedule/7/paragraph/14/2008-07-10Finance Act 2005An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.texttext/xmlenStatute Law Database2024-11-12Expert Participation2008-07-10SCHEDULESSCHEDULE 7Tonnage taxPart 1Amendments of Schedule 22 to FA 2000The ring fence: capital allowances: ship leasing: sale and lease-back arrangements14(1)

Paragraph 92 is amended as follows.

(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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In sub-paragraph (2) (meaning of “sale and lease-back arrangements”) for “subject to sub-paragraph (3)” substitute
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