Schedule 22 Finance Act 2000: Part V other requirements - Para 39 the 75 percent limit - exclusion of company if limit exceeded
(1) If the 75%; limit is exceeded in two or more consecutive accounting periods of a single company subject to tonnage tax, the Inland Revenue may give notice excluding the company from tonnage tax.
(2) The effect of the notice is that the company’s tonnage tax election ceases to be in force from such date as may be specified in the notice.
The specified date must not be earlier than the beginning of the accounting period of the company that follows the second consecutive accounting period of the company in which the limit is exceeded.
|Consideration of exclusion by inspector||TTM05310|