Schedule 22 Finance Act 2000: Part II Tonnage Tax elections - Para 15A withdrawal notices
(1) A withdrawal notice (see paragraph 13(2A)) may be given -
(a) in respect of a single company, or
(b) in respect of a group,
but only if the following conditions are met.
(2) Condition 1 is that the notice is given during the period—
(a) beginning with the day on which the Finance Act 2005 is passed, and
(b) ending with 31st March 2006.
(3) Condition 2 is that, for the whole of the period of three years ending with the day on which the Finance Act 2005 is passed, a tonnage tax election or a renewal election has been in force in respect of the company or group in respect of which the withdrawal notice is to be given.
(4) A withdrawal notice must be given to the Inland Revenue—
(a) in the case of a withdrawal notice in respect of a single company, by that company;
(b) in the case of a withdrawal notice in respect of a group, jointly by all the qualifying companies in the group.
(5) A withdrawal notice given in accordance with this paragraph takes effect at the end of the accounting period that precedes the first accounting period of the company to begin after 1st July 2005.
(6) In the case of a withdrawal notice given in respect of a group, sub- paragraph (5) has effect in relation to each qualifying company in the group by reference to that company’s accounting periods.]1
|Transitional provisions where a withdrawal notice is given on or before 31 March 2006||TTM20019|
|Withdrawal notices - effect||TTM02710|