Letting ships on charter is a trade that is included in the list of excluded activities (see E3.248), although such a trade may still be a qualifying trade if certain conditions are met, and the lettings and any other excluded activity are not carried on to any substantial extent1.
Previously, when determining whether a parent company and its group met the trading requirement, a trade of leasing ships would be an excluded activity if it failed to meet the conditions listed in ICTA 1988, Sch 28B, para 4(7)(a)–(d) even if the degree of failure was
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