TTM17486 - Schedule 22 Finance Act 2000: Ship Leasing

Introduction

FA00/SCH22/PARA89

(1) In the case of a lease of a qualifying ship provided, directly or indirectly, to a company within tonnage tax, the provisions of Part 2 of the Capital Allowances Act 2001 have effect subject to and in accordance with the provisions of-

paragraphs 90 and 91 (defeased leasing),

paragraph 92 (sale and lease back arrangements, and

paragraphs 94 to 102 (quantitative restrictions on allowances).

This is subject to paragraph 89A9exception of ordinary charters.

(2) In this Part of this Schedule " lease", means any arrangement that provides for a ship to be leased or otherwise made available to a person (“the lessor”) to another person(“the lessee”). (3) Other expressions used in this Part of this Schedule have the same meaning as in Part IX of this Schedule (the ring fence: capital allowances: general).

History

Amended by Schedule 2 CAA 2001. Up to 31^s t March 2001 subparagraphs 1 and 2 read:

(1) In the case of a finance lease of a qualifying ship provided, directly or indirectly, to a company within tonnage tax, the provisions of Part II of the Capital Allowances Act 1990 have effect subject to and in accordance with the provisions of-

paragraphs 90 and 91 (defeased leasing),

paragraph 92 (sale and lease back arrangements, and

paragraphs 94 to 102 (quantitative restrictions on allowances).

(2) In this Part of this Schedule "finance lease", and "lessor" and "lessee" in relation to a finance lease, have the same meaning as in that Part (see section 82A of the 1990 Act).

Amended further by FA2003 ss 169,216,Sch 32 para 1 (1),(2), Sch 43 for any lease entered into after 18 December 2002

Sub para (2) further amended by FA2003 s 169, Sch 32 para1(1),(3),(4), and previously read

(2) In this Part of this Schedule “finance lease”, and “lessor” and “lessee” in relation to a finance lease have the same meaning as in that Part (see section 219c of that Act).”

References