CG60283 - Reliefs: Replacement of Business Assets (Roll-over Relief): Qualifying Assets: Ships, Aircraft, Hovercraft, Satellites, Space Stations and Spacecraft

In the absence of a statutory definition, the words ships', aircraft鈥�, 鈥榮atellites鈥�, 鈥榮pace stations鈥� and 鈥榮pacecraft鈥� take their ordinary everyday meaning. It is accepted that aircraft' includes aeroplanes, helicopters, airships and hot air balloons. It is also accepted that ships鈥� 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:

  • `鈥� every description of vessel used in navigation not propelled by oars.鈥�

TCGA92/S155 specifies that 鈥榟overcraft鈥� is as defined in the Hovercraft Act 1968, being:

  • 鈥榓 vehicle which is designed to be supported when in motion wholly or partly by air expelled from the vehicle to form a cushion of which the boundaries include the ground, water or other surface beneath the vehicle鈥�