TTM10000 - Ship leasing
Introduction
This section explains the capital allowances regime applicable to companies that lease ships to companies within tonnage tax. It explains the quantitative limits on the amount of the allowances which may be claimed as well as restrictions on the availability of allowances in certain circumstances such as sale and lease back arrangements or defeasance.
Table of contents
Outline
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Outline |
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What is a finance lease? |
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Ship leasing |
Defeased leasing
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Outline of defeased leasing |
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Meaning of ‘defeasance’ |
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Excepted forms of security: Guarantees |
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Excepted forms of security: Security inherent in the ship |
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Pre-delivery guarantees |
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Valuing the ship |
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What to do with queries |
Sale and lease-back
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Outline of sale and leaseback restrictions |
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Exception for new ships |
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Long Funding Leases |
Certification of ship leases
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Certification of ship leases |
Quantitative restrictions on allowances
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Outline of restrictions on capital allowances |
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Entitlement to allowances |
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Exceptions |
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Shared expenditure |
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Cost of providing the ship |
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Cost of providing the ship: Example |
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Disposals |
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Disposals: Example |
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Restrictions begin to apply: Introduction |
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Restrictions begin to apply: Procedure |
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Restrictions begin to apply: Example |
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Restrictions cease to apply: Introduction |
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Restrictions cease to apply: Procedure |
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Restrictions cease to apply: Example |
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Tax written down value |
