11Amount of grant

11 Amount of grant

(1) The grant payable to a shipowner under subsection 8(1) or (2) in respect of a ship is an amount equal to 7% of the ship’s purchase price paid by the shipowner. (2) The grant payable under subsection 8(3) in respect of a ship is an amount equal to 7% of the cost of the ship’s conversion. (3) The grant payable under subsection 8(6) in respect of a ship is an amount equal to 7% of the cost of the structural or equipment changes concerned that are of a kind referred to in paragraph (b) of that subsection.