Policy paper

Tonnage tax elections to include third party ship managers

This measure is about extending the scope of Tonnage Tax to include elections into the regime by third party ship managers.

• From: HM Revenue & Customs
• Published: 18 July 2023
• Last updated: 22 November 2023
  Show all updates

  1. 22 November 2023

     Updated to reflect changes following the Office for Budget Responsibility November 2023 forecast.

  2. 18 July 2023

     First published.

Documents

Tonnage tax extension to ship management

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Draft legislation

PDF, 156 KB, 4 pages

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Draft legislation (accessible version)

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Explanatory note

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Explanatory note (accessible version)

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Details

At present only ship operators — defined as owners and charterers of ships — can elect into and benefit from the tonnage tax regime. This measure extends its scope to companies and groups who provide ship management services, potentially including technical, crew and safety management.

Tonnage tax is a form of Corporation Tax calculated on the capacity of ships in the regime, rather than on profits, and is usually beneficial.