57 Tonnage tax: capital allowances in respect of ship leasing
Finance Act 2011 (2011 c 11) | Legislation

57  Tonnage tax: capital allowances in respect of ship leasing

(1)     Part 10 of Schedule 22 to FA 2000 (companies within tonnage tax: capital allowances in respect of ship leasing) is amended as follows.

(2)     In paragraph 94 (quantitative restrictions on allowances)—

(a)     in sub-paragraph (3)(a), for “a rate of 20% per annum” substitute “the rate determined under sub-paragraph (3A)”,

(b)     in sub-paragraph (3)(b), for “a rate of 10% per annum” substitute “the rate specified in section 104D(1) of the Capital Allowances Act 2001”,

(c)     after sub-paragraph (3) insert—

“(3A)     The rate mentioned in sub-paragraph (3)(a) is—

(a)     if the rate of the writing down allowance to which the lessor would be entitled in respect

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