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HMRC internal manual

Capital Gains Manual

Roll-over relief: satellites and spacecraft, ships and aircrafts

Satellites and spacecraft

Satellites, space stations, spacecraft and launch vehicles were included as qualifying assets on 28 July 1987. If another qualifying asset is disposed of on or after 28 July 1987 and a spacecraft etc is acquired before that date and within the time allowed by Section 152 (3), see CG60620+, relief is available. Similarly, if a spacecraft etc is disposed of before 28 July 1987 and another qualifying asset is acquired on or after that date and within the time allowed by Section 152 (3), relief is available.

Ships and aircrafts

In the absence of a statutory definition, the words `ships’ and `aircraft’ take their ordinary everyday meaning. It is accepted that `aircraft’ includes aeroplanes, helicopters, airships and hot air balloons. It is also accepted that `ships’ includes vessels such as fishing boats, motorised cruisers and yachts. The interpretation adopted is to apply the definition of ship contained in Section 742 Merchant Shipping Act 1894 which is :-

`… every description of vessel used in navigation not propelled by oars.’