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Pooling

Qualifying expenditure incurred on the provision of a ship for the purposes of a qualifying activity, if allocated to a pool (see B3.332), must be allocated to a single asset pool¹ (a 'single ship pool'), subject to the exceptions described below and any election made to use the appropriate non-ship pool (the pool to which the expenditure would otherwise be allocated; see below)².

Expenditure is not to be allocated to a single ship pool if the ship is provided for leasing³ unless:

1. Ìý

   •ÌýÌýÌýÌý it appears that throughout the designated period the ship will be used only for a qualifying purpose, and

2. Ìý

   •ÌýÌýÌýÌý the ship is not used for overseas leasing under a lease finalised before 1 April 2006 at any time in the designated period, or if it is, is used only for protected leasing

The terms 'leasing', 'overseas leasing', 'protected leasing', 'qualifying purpose' and 'designated period' have the same meaning as described in B3.340T⁴.

A further exception is where the qualifying