Tax avoidance: Outline
It is a condition of remaining within Tonnage Tax that a company is not a party to any transaction or arrangement that is an abuse of the tonnage tax regime.
A transaction or arrangement is such an abuse if, in consequence, , the tonnage tax legislation falls to be applied in a way that results (or would but for this paragraph result) in:
- a tax advantage being obtained for:
* a company other than a tonnage tax company, or * a tonnage tax company in respect of its non-tonnage tax activities,
- the amount of the tonnage tax profits of a tonnage tax company being artificially reduced.
|FA00/SCH22/PARA41 (requirement not to enter into tax avoidance)||TTM17246|