# Capital Allowances Act 2001, Section 147: Exclusions: ship previously owned


(1) Expenditure on the provision of a ship is not expenditure on new shipping if the person who incurred the expenditure—
(a) has already owned the ship in the period of 6 years ending with the time when he first owns it as a result of incurring the expenditure, or
(b) was connected at a material time with a person who owned the ship at any time during that period.
(2) For this purpose a material time is—
(a) the time when the expenditure was incurred, or
(b) any earlier time in the 6 year period beginning with the relevant disposal event.

---
Source: https://www.legislation.gov.uk/ukpga/2001/2/section/147 (the official version)
Page: https://openlegislation.uk/capital-allowances-act-2001/section-147
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.