Finance Act, 1990
Amendment of section 28 (relief in relation to income from qualifying shipping trade) of Finance Act, 1987 . |
42.—(1) Subsection (1) (as amended by the Finance Act, 1988 ) of section 28 of the Finance Act, 1987 , is hereby amended— | |
(a) in the definition of “qualifying ship”, by the deletion of paragraph (iv), and | ||
(b) in the definition of “qualifying shipping activities”— | ||
(i) by the deletion of “and” in paragraph (d), | ||
(ii) by the substitution of “the company, or” for “the company;” in paragraph (e), and | ||
(iii) by the insertion, after paragraph (e), of the following paragraph: | ||
“(f) the use of a qualifying ship for the purposes of transporting supplies or personnel to, or providing services in respect of, a mobile or fixed rig, platform, vessel or installation of any kind at sea;”, | ||
and the said definitions, as so amended, are set out in the Table to this section. | ||
(2) For the purposes of Chapter III of the Finance Act, 1984 , any reference therein to section 28 (1) of the Finance Act, 1987 , shall be construed as if subsection (1) had not been enacted. | ||
TABLE | ||
“qualifying ship” means a sea-going vessel which— | ||
(a) is owned to the extent of not less than 51 per cent. by a person or persons ordinarily resident in the State, | ||
(b) is registered in the State under Part II of the Mercantile Marine Act, 1955 , | ||
(c) is of not less than 100 tons gross tonnage, and | ||
(d) is self-propelled, | ||
but notwithstanding anything in paragraphs (a), (b), (c) or (d) of this definition does not include— | ||
(i) a fishing vessel other than a vessel normally used for the purposes of an activity mentioned in paragraph (d) of the definition of qualifying shipping activities in this subsection, | ||
(ii) a tug, | ||
(iii) a vessel (including a dredger) used primarily as a floating platform for working machinery or as a diving platform, | ||
(v) any other vessel of a type which is not normally used for the purposes of qualifying shipping activities; | ||
“qualifying shipping activities” means activities carried on by a company in the course of a trade and which consist of— | ||
(a) the use of a qualifying ship for the purpose of carrying by sea passengers or cargo for reward, | ||
(b) the provision, on board the qualifying ship, of services ancillary to the said use of the qualifying ship, | ||
(c) the granting of rights by virtue of which another person provides, or will provide, the said services, on board the said qualifying ship, | ||
(d) the subjecting of fish to a manufacturing process on board a qualifying ship, | ||
(e) the letting on charter of a qualifying ship for use for the said purposes where the operation of the ship, and the crew of the ship, remain under the direction and control of the company, or | ||
(f) the use of a qualifying ship for the purposes of transporting supplies or personnel to, or providing services in respect of, a mobile or fixed rig, platform, vessel or installation of any kind at sea; |