TTM09305 - Capital allowances: Exit from tonnage tax (P&M) on the expiry of an election or the taking effect of a withdrawal notice
You should check the other guidance available on GOV.UK from HMRC as Brexit updates to those pages are being prioritised before manuals.
Where a company leaves tonnage tax on the expiry of an election or the taking effect of a withdrawal notice (see TTM14080) it is treated as having incurred qualifying expenditure on its tonnage tax plant and machinery assets equal to the lower of cost or market value. This is instead of the fixed percentage provided for in the Tonnage Tax Regulations 2000(SI.2000/2303)
|FA05/SCH7/PARA12 (meaning of ‘the ring fence: capital allowances: general; introduction)||TTM20012|
|FA05/SCH7/PARA15 (meaning of ‘the ring fence: capital allowances: exit; plant and machinery)||TTM20015|