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.