SCHEDULE 32 Tonnage Tax: Restrictions on Capital Allowances for Lessors of Ships
Finance Act 2003 (2003 c 14) | Legislation

SCHEDULE 32 Tonnage Tax: Restrictions on Capital Allowances for Lessors of Ships

Section 169

The ring fence: amendments to the provisions about capital allowances and ship leasing

1

(1)     In Schedule 22 to the Finance Act 2000 (c 17) (tonnage tax), Part 10 (the ring fence: capital allowances: ship leasing) is amended as follows.

(2)     Omit the word “finance†from the expression “finance lease†in paragraphs 89(1), 90(1), 92(1), 93(1), 94(1), 98(1)(a) and 99(1)(a).

(3)     At the end of sub-paragraph (1) of paragraph 89 (introduction to Part 10) insert—

“This is subject to paragraph 89A (exception for ordinary charters).â€.

(4)     For sub-paragraph (2) of that paragraph substitute—

“(2)     In this Part of this Schedule “lease†means any arrangements that provide for a ship to be leased or otherwise made available by a person (“the lessorâ€) to another person (“the lesseeâ€).â€.

(5)     After that paragraph insert—

“Quantitative restrictions not to apply to ordinary charters
89A

(1)     Paragraphs 94 to 102, and paragraph 89(1) so far as relating to those paragraphs, do not apply in the following cases.

(2)     The first case is where the ship is chartered out by a person who is responsible—

(a)     for the operation

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