Qualifying companies and ships: When does a new ship first become a qualifying ship?
When does a new ship first become a qualifying ship?
A ship is not a qualifying ship until it begins to be used for, or is fit for use for, one of the four categories in FA00/SCH22/PARA19 (TTM03500). For practical purposes, this should be taken to be when the vessel is handed over to its owner at the end of its sea trials or, if later, when first certificated for the use in question. The ship is not a qualifying ship, and is not a tonnage tax asset, until it is brought into use for one of the activities in FA00/SCH22/PARA19 (1).
|FA00/SCH22/PARA18 (meaning of operating a ship)||TTM17096|
|FA00/SCH22/PARA19 (qualifying ships)||TTM17101|