(1) If-

(a)a balancing charge under this Part of this Schedule arises in connection with the disposal of a qualifying ship, and

(b)within the requisite period the company incurs capital expenditure on acquiring one or more other qualifying ships, and

(c)the company claims relief under this paragraph,

only the amount (if any) by which the balancing charge exceeds that expenditure must be given effect in the accounting period in which the charge arises and the rest may be held over.

(2) For the purposes of this paragraph-

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