TTM05300 - The 75% limit on charters-in: If limit exceeded
Effect
Exceeding the 75% limit:
- may allow HMRC to exclude company or group from tonnage tax, (see TTM05310);
- will invalidate elections made in initial period, (see TTM02410); or
- will defer the effect of elections made after initial period, (see TTM02410).
But a renewal election may still be made at a time when the limit is exceeded (see TTM02600).
References
| FA00/SCH22/PARA38 (election not effective if limit exceeded) | TTM17231 |
| FA00/SCH22/PARA39 (exclusion of company if limit exceeded) | TTM17236 |
| FA00/SCH22/PARA40 (exclusion of group if limit exceeded) | TTM17241 |