Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

Tonnage Tax Manual

From
HM Revenue & Customs
Updated
, see all updates

Tonnage tax elections: Example 1

Election in a further window of opportunity.

A singleton company decides it wants to make a tonnage tax election on 30 June 2006. Its accounting date is 31 December each year.
 

The normal rule is that a company elects in with effect from the beginning of the accounting period during which the election is made, i.e. 1 January 2006; or it can with the HMRC’s agreement:

* backdate the election to 1 January 2005
* elect in with effect from the beginning of the accounting period following that during which it made the election, i.e. 1 January 2007; or
* in exceptional circumstances, elect in with effect from the beginning of the accounting period following the one after that during which the election was made, i.e. 1 January 2008.

References

General rule on election taking effect TTM02200
   
Backdating election to earlier AP TTM02210
Deferring election to next AP TTM02220
Deferring election to next but one AP TTM02230