Paragraph 89

United Kingdom

(1)

In the case of a F1... lease of a qualifying ship provided, directly or indirectly, to a company within tonnage tax, the provisions of F2Part 2 of the Capital Allowances Act 2001 have effect subject to and in accordance with the provisions of—

paragraphs 90 and 91 (defeased leasing),
F3paragraphs 91A to 91F (long funding leases),
paragraph 92 (sale and lease back arrangements, and
paragraphs 94 to 102 (quantitative restrictions on allowances).

F4This is subject to paragraph 89A (exception for ordinary charters).

F5(2)

In this Part of this Schedule “lease” means any arrangements that provide for a ship to be leased or otherwise made available by 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).

Annotations

Textual amendments

F1: Word in Sch. 22 para. 89(1) repealed (10.7.2003) (with effect in accordance with Sch. 32 para. 3 of the amending Act) by Finance Act 2003 (c. 14), Sch. 32 para. 1(2), Sch. 43 Pt. 3(11) (with Sch. 32 para. 4)
F2: Words in Sch. 22 para. 89(1)(2) inserted (23.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, ss. 578, 579, Sch. 2 para. 108(24)(25)
F3: Words in Sch. 22 para. 89(1) inserted (with effect in accordance with Sch. 8 para. 15 and Sch. 9 para. 10(5) to the amending Act) by Finance Act 2006 (c. 25), Sch. 9 para. 10(2)
F4: Words in Sch. 22 para. 89(1) inserted (10.7.2003) (with effect in accordance with Sch. 32 para. 3 of the amending Act) by Finance Act 2003 (c. 14), Sch. 32 para. 1(3) (with Sch. 32 para. 4)
F5: Sch. 22 para. 89(2) substituted (10.7.2003) (with effect in accordance with Sch. 32 para. 3 of the amending Act) by Finance Act 2003 (c. 14), Sch. 32 para. 1(4) (with Sch. 32 para. 4)