This factsheet is designed to inform and assist individuals who wish to set up a new boat sharing or fractional ownership scheme so that it operates legally, fairly and smoothly.

Owning a boat is a luxury that many people cannot afford on their own. Yachts and motorboats easily cost tens if not hundreds of thousands of pounds, and can be as much as millions. A group of friends, colleagues or other associates who want to buy a boat, or upgrade to a bigger or better boat might want to get together and share the costs between them.

However, cost is not the only reason for sharing a boat. Some people may be tempted to buy a boat, but are concerned that it will not be used frequently enough to warrant the purchase and that it may be wasted sitting on a trailer or in a marina. By sharing the boat with others these concerns can be alleviated and the boat is more likely to be used frequently.

Sharing a boat also means that if in the future you fancy doing some racing in the boat, there is a ready-made crew in the form of the group of sharers!

This factsheet describes a boat sharing arrangement which involves two or more people sharing the use of the boat and its costs, but not necessarily travelling together on the boat at the same time, unless of course they want to share their time on the boat together.