Taxes Consolidation Act 1997 section 302

Interpretation (Chapter 3)

Section 302 defines key terms used in the dredging allowances chapter, including "dredging", "qualifying trade", and the "first relevant chargeable period".

• Dredging means the removal of material from the bed of the sea or inland water to aid navigation, and includes the widening of inland waterways for navigation purposes.
• A qualifying trade is one that involves maintaining or improving navigation of a harbour, estuary or waterway, or is carried on in an industrial building or structure as defined in section 268(1).
• Where only part of a trade qualifies, that part is treated as a separate trade and dredging expenditure must be divided between the qualifying and non-qualifying parts.
• The first relevant chargeable period is the period in which the expenditure is incurred or, where expenditure is incurred before trading begins, the first period in which the person both carries on the trade and occupies the relevant dock or premises.