TTM02700 - Withdrawal notices

A tonnage tax election will normally remain in force for eight years, see TTM02500. For elections made before 1 April 2022 the election period was ten years.

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

References

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