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HMRC internal manual

Tonnage Tax Manual

Withdrawal notices

A tonnage tax election will normally remain in force for ten years, see TTM02500.

There is no standing provision for a company to elect out of tonnage tax before the end of the ten year period.

Following the changes introduced by Finance Act 2005, companies were given a window of opportunity to withdraw from tonnage tax (FA00/SCH22/PARA15A).

The Treasury has powers under FA00/SCH22/PARA15B to introduce further windows of opportunity for companies to withdraw from tonnage tax.


FA00/SCH22/PARA15A TTM17076
FA00/SCH22/PARA15B TTM17081