Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

Tonnage Tax Manual

From
HM Revenue & Customs
Updated
, see all updates

Schedule 22 Finance Act 2000: Part I introductory - Para 1 Tonnage Tax

FA00/SCH22/PARA1

(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).

References

General principles of Tonnage Tax TTM01200
   
Outline of Tonnage Tax elections TTM02001