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HMRC internal manual

Tonnage Tax Manual

From
HM Revenue & Customs
Updated
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Exiting tonnage tax: Types of exit

Expiry of election

An election into tonnage tax is for a minimum period of ten years.  At the end of that period the company or group will leave tonnage tax.  For a company, the date will be ten years from the election first taking effect (FA00/SCH22/PARA13 (1)(a)).  For a group, the date will be ten years from the first day the election took effect for any group company (PARA13 (1)(b)).

References

FA00/SCH22/PARA13 (period for which election is in force) TTM17061
   
Period for which election is in force TTM02500