Related Commentary  Related HMRC Manuals

68(1)  This Part of this Schedule makes provision about capital allowances where a company enters, leaves or is subject to tonnage tax.

68(2)  The general scheme of this Part of this Schedule is that–

(a)entry of a company into tonnage tax does not of itself give rise to any balancing charges or balancing allowances,

(b)a company subject to tonnage tax is not entitled to capital allowances in respect of expenditure incurred for the purposes of its tonnage tax trade, whether before or after its entry into tonnage tax, and

(c)on leaving tonnage tax–

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