LEL had made a claim for writing-down capital allowances at the rate of 25% in respect of expenditure incurred by LEL on the purchase of two merchant vessels, the Arctic Voyager and the Arctic Discoverer, of which it is the owner and lessor. The vessels had been designed and built for the purpose of shipping liquefied natural gas (‘LNG’) from northern Norway to Spain and the USA as part of a project (‘the Snhvit project’) for the exploitation of natural gas fields under the Barents Sea by a consortium of energy companies.
Rimer, Patten, Kitchin LJJ
[2014] EWCA Civ 1062
Bailii
England and Wales
Corporation Tax
Updated: 18 December 2021; Ref: scu.535447
