Wasting assets: yachts, ships and other vessels
A yacht or other vessel which is propelled only by sail is not regarded as machinery. Such vessels are not, therefore, automatically treated as wasting assets. Small private yachts or dinghies may, on the facts of the case, have a predictable life of fifty years or less. Large racing or ocean-going yachts which are fitted with auxiliary engines should be regarded as machinery.
Ships and other vessels
Trawlers, fishing vessels, tankers and other vessels which are propelled by engines are regarded as machinery and treated as wasting assets. In most cases, this type of vessel will be used in a business and will qualify for capital allowances. See CG15400+ for cases where capital allowances are involved.