Related Commentary  Related HMRC Manuals

305(1)  This section supplements section 303(1)(d) so far as it relates to the leasing of ships other than offshore installations or pleasure craft.

305(2)  In the following provisions “ship”  accordingly means a ship other than an offshore installation or a pleasure craft.

305(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 303(1)(d) as a result only of its consisting in letting ships on charter.

305(4)  The requirements of this subsection are that–

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