Section 124 | Transport containers

(1)A transport container is used for a qualifying purpose at any time when it is leased in the course of a trade which is carried on by a person who—

(a)is resident in the United Kingdom, or

(b)carries on the trade there,

and either of the conditions given below is met.

(2)The first condition is that—

(a)the person’s trade consists of or includes the operation of ships or aircraft, and

(b)the container is at other times used by that person in connection with the operation of the ships or aircraft.

(3)The second condition is that the container is leased under a succession of leases to different persons who are not, or most of whom are not, connected with each other.