Section 152 | Ships under 100 tons

(1)This section applies if the relevant disposal event is, or results from—

(a)the total loss of the old ship, or

(b)damage to the old ship that puts it in a condition in which it is impossible, or not commercially worthwhile, to undertake the repairs required for restoring it to its previous use.

(2)A registered ship may be a qualifying ship for the purposes of—

(a)section 136(b) (further conditions for deferment), or

(b)sections 146(3)(b) and 149(1)(a) (expenditure on new shipping),

even if it is not registered as a ship with a gross tonnage of 100 tons or more.

(3)In subsection (2) “registered ship” means a ship registered in a register of shipping established and maintained under the law of any country or territory.