TONNAGE TAX

Related Commentary  Related HMRC Manuals

1(1)  This Schedule provides an alternative regime (“tonnage tax”) for calculating the profits of a shipping company for the purposes of corporation tax.

1(2)  The regime applies only if an election to that effect (a “tonnage tax election”) is made (see Part II of this Schedule).

Companies that are members of a group must join in a group election.

1(3)  A tonnage tax election may only be made if–

(a)the company or group is a qualifying company or group (see Part III of this Schedule), and

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