Related Commentary  Related HMRC Manuals

194(1)  This section supplements section 192(1)(d) so far as it relates to the leasing of ships other than offshore installations or pleasure craft.

194(2)  In the following provisions “ship”  accordingly means a ship other than an offshore installation or a pleasure craft.

194(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 192(1)(d) as a result only of its consisting in letting ships on charter.

194(4)  The requirements of this subsection are that–

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