s 149 Exclusions: later events
(1) Expenditure on the provision of a ship is not, and is treated as never having been, expenditure on new shipping if— (a) at a time during the period mentioned in subsection (2), the ship is not a qualifying ship, (b) the expenditure is allocated to a pool as a result of an election under section 129 (election to use appropriate non-ship pool), or (c) section 107 applies in relation to the expenditure (overseas leasing). (2) The period referred to in subsection (1)(a) is— (a) the period of 3 years beginning with the time when the ship is first brought into use for the purposes of a qualifying activity carried on— (i) by the person (“ A ”) who incurred the expenditure, or (ii) if earlier, by a person connected with A, or (b) if shorter, the period beginning with that time and ending when neither A nor a person connected with A owns the ship.