305 Excluded activities: leasing of ships
Income Tax Act 2007 (2007 c 3) | Legislation

305  Excluded activities: leasing of ships

(1)     This section supplements section 303(1)(d) so far as it relates to the leasing of ships other than offshore installations or pleasure craft.

(2)     In the following provisions “ship” accordingly means a ship other than an offshore installation or a pleasure craft.

(3)     If the requirements of subsection (4) are met, a trade is not to be regarded as consisting in the carrying on of excluded activities within section 303(1)(d) as a result only of its consisting in letting ships on charter.

(4)     The requirements of this subsection are that—

(a)     every ship let on charter by the company carrying on the trade is beneficially owned by the company,

(b)     every ship beneficially owned by the company is registered in the

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