Commentary

B5.633 Fishing—treatment of grants

Business tax
Business tax | Commentary

B5.633 Fishing—treatment of grants

Business tax | Commentary

Fishing

B5.633 Fishing—treatment of grants

HMRC guidance as to the treatment of the four types of grant payable under the Fishing Vessels (Financial Assistance) Scheme1 is as follows2

Decommissioning grant

A decommissioning grant is payable when a fishing vessel is either:

  1.  

    (a)     scrapped;

  2.  

    (b)     permanently transferred to a country outside the EEC; or

  3.  

    (c)     transferred to use for a purpose other than fishing for profit in EEC waters.

If a vessel is sold, scrapped or permanently ceases to be used for the purposes of the trade, the grant is normally treated as a disposal value in the capital allowance computation under

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