669N Balancing charges on relevant vessel

Summary

Section 669N allows the balancing charge which may arise on the destruction of a relevant fishing vessel following receipt of the Brexit compensation sum for the destruction of such vessel, to be spread over a five-year period.

Details

(1)“balancing charge” has the same meaning as in section 288.

(2)This section shall apply to the amount of the Brexit compensation sum which relates to compensation for the destruction of a relevant vessel only.

(3)(a)Any balancing charge arising as a result of the receipt of a Brexit compensation sum relating to the compensation for the destruction of a relevant vessel will be spread evenly over 5 chargeable periods, one-fifth in the year of receipt and

(3)(b)The remaining four-fifths of the balancing charge referred to in subsection (3)(a) will be spread evenly over each of the following 4 chargeable periods.

Relevant Date: Finance Act 2024