ITA07/S192(1)(d); ITA07/S303(1)(d)

The legislation excludes leasing (including letting ships on charter or other assets on hire).

The leasing of land will not normally be part of a trade at all. Activities that are covered by this exclusion include such activities as furnished letting and the letting of holiday caravans, where they amount to trading.

The leasing of other assets, and letting assets on hire, is dealt with in an article in Tax Bulletin 54 published in August 2001 (reproduced at VCM3200). As regards the exception for letting certain ships on charter, see below.

ITA07/S194; ITA07/S305

There is a waiver of the exclusion of letting ships on charter where the criteria below are met:

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