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', aircraftâ€�, ‘satellitesâ€�, ‘space stationsâ€� and ‘spacecraftâ€� take their ordinary everyday meaning. It is accepted that aircraft' includes aeroplanes, helicopters, airships and hot air balloons. It is also accepted that shipsâ€� includes vessels such as fishing boats, motorised cruisers and yachts. »Ê¹ÚÌåÓýapp 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.�
TCGA92/S155 specifies that ‘hovercraft� is as defined in the Hovercraft Act 1968, being:
- ‘a 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�