ACCOUNTING PERIOD ENDS ON ENTRY OR EXIT

Related Commentary  Related HMRC Manuals

52  An accounting period ends (if it would not otherwise do so) when a company enters or leaves tonnage tax.

TONNAGE TAX TRADE

Related Commentary  Related HMRC Manuals

53(1)  The tonnage tax activities of a tonnage tax company are treated for corporation tax purposes as a separate trade (the company’s “tonnage tax trade”) distinct from all other activities carried on by the company.

53(2)  Sub-paragraph (1) shall not be read as requiring a company to be treated–

(a)as setting up and commencing a new trade on entry into tonnage tax, or

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