The rules in FA 2000, Sch. 22, para. 12 (see ¶790-260) are modified for cases where a company makes an election under the further window (the ‘further period’ granted by SI 2005/1449: see ¶790-220).

An election will still generally take effect from the beginning of the accounting period in which the tonnage tax election was made. This is the ‘general rule’ (FA 2000, Sch. 22, para. 12(1)).

However, if the accounting period in which the election is made commenced before 1 January 2005, then the election will take effect from the beginning of the next accounting period (FA 2000, Sch. 22, para. 12(2), as modified by SI 2005/1449, reg. 3(2)).

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.