Schedule 22 Finance Act 2000: Part I introductory - Para 1 Tonnage Tax
(1) This Schedule provides an alternative regime (“tonnage tax”) for calculating the profits of a shipping company for the purposes of corporation tax.
(2) The regime applies only if an election to that effect (a “tonnage tax election”) is made (see Part II of this Schedule).
Companies that are members of a group must join in a group election.
(3) A tonnage tax election may only be made if-
(a) the company or group is a qualifying company or group (see Part III of this Schedule), and
(b) certain requirements are met as to training (see Part IV of this Schedule) and other matters (see Part V of this Schedule).
|General principles of Tonnage Tax||TTM01200|
|Outline of Tonnage Tax elections||TTM02001|