Section 148 | Exclusions: object to secure deferment

Expenditure on the provision of a ship is not expenditure on new shipping if the object, or one of the main objects, of—

(a)the transaction by which the ship was provided for the purposes of a qualifying activity carried on by the person who incurred the expenditure,

(b)any series of transactions of which that transaction was one, or

(c)any transaction in such a series,

was to secure the deferment of a balancing charge under section 135.