Qualifying companies and ships: Termination of election to remain in tonnage tax
An election to remain in tonnage tax even though no qualifying ships are operated (see TTM03050) will end if and when the company:
- abandons its intention to resume operating qualifying ships, or
- begins to operate qualifying ships again
If the cessation lasts for more than 3 months it should be assumed that the cessation is permanent (i.e. that the company has abandoned its intention to resume operating qualifying ships) unless there is evidence to the contrary.
If the company is a singleton company, or if it is the only qualifying company in the group, the cessation provisions (see TTM14001 onwards) will apply from the date that the notice is rescinded or three months after the company ceased to operate a qualifying ship (unless of course the company has resumed operating qualifying ships).
|FA00/SCH22/PARA17 (temporarily ceasing to operate ships)||TTM17091|
|FA00/SCH22/PARA137 (exit from tonnage tax)||TTM17761|
|Election to remain in tonnage tax||TTM03050|