INTRODUCTION

Related Commentary  Related HMRC Manuals

137(1)  This Part of this Schedule applies where a company ceases to be a tonnage tax company.

137(2)  The provisions of paragraphs 138 and 139 (exit charges: chargeable gains and balancing charges) apply where a company ceases to be a tonnage tax company–

(a)on ceasing to be a qualifying company for reasons relating wholly or mainly to tax, or

(b)under paragraph 42 (exclusion from tonnage tax where tax avoidance arrangements entered into).

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