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Specific exemption of pre‑delivery payment amounts under applicable finance lease entered into by shipping enterprise

Income Tax (Shipping Enterprises — Section 13(4) Exemption) Notification 2025

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—(1) Subject to this paragraph, paragraph 14 and the conditions imposed by the Minister under section 13(4) of the Act, where any ship under construction on the applicable date is leased under an applicable finance lease entered into by a shipping enterprise, any pre‑delivery payment amount in relation to that ship that the shipping enterprise is liable to make between 24 February 2015 and 11 December 2018 (both dates inclusive) to a specified person under the applicable finance lease, is exempt from tax.(2) The exemption under sub‑paragraph (1) is subject to the condition that the relevant ship is registered or provisionally registered under the Merchant Shipping Act 1995 for at least one year starting on the date of the delivery of the ship to the shipping enterprise.(3) The exemption under sub‑paragraph (1) does not apply to any pre‑delivery payment amount liable to be made after the day that the applicable finance lease ceases to be treated as a sale pursuant to regulations made under section 10C of the Act.

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