Section 118 | Relevant classes of assets.

The classes of assets for the purposes of section 115 (1) above are as follows.Class 1. Assets within heads A and B below.Head A1. Any building or part of a building and any permanent or semi-permanent structure in the nature of a building, occupied (as well as used) only for the purposes of the trade.2. Any land occupied (as well as used) only for the purposes of the trade.Head A has effect subject to section 119 below.Head BFixed plant or machinery which does not form part of a building or of a permanent or semi-permanent structure in the nature of a building.Class 2Ships, aircraft and hovercraft (“hovercraft” having the same meaning as in the Hovercraft Act 1968).Class 2ASatellites, space stations and spacecraft (including launch vehicles).Class 3Goodwill.Class 4Milk quotas (that is, rights to sell dairy produce without being liable to pay milk levy or to deliver dairy produce without being liable to pay a contribution to milk levy) and potato quotas (that is, rights to produce potatoes without being liable to pay more than the ordinary contribution to the Potato Marketing Board’s fund).^F1F2