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HMRC internal manual

Tonnage Tax Manual

From
HM Revenue & Customs
Updated
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Schedule 22 Finance Act 2000: Part IX the ring fence - capital allowances - Para 86 exit - industrial buildings

FA00/SCH22/PARA86

If a company leaves tonnage tax the amount of unrelieved qualifying expenditure under Part 3 of the Capital Allowances Act 2001 (industrial buildings allowances) is calculated as if-

(a) the company had never been subject to tonnage tax, and

(b) all such allowances and charges under that Part had been made as could have been made.

History

Amended by Schedule 2 CAA 2001. Up to 31st March 2001 the paragraph read:

If a company leaves tonnage tax the amount of unrelieved qualifying expenditure under Part I of the Capital Allowances Act 1990 (industrial buildings) is calculated as if-

(a) the company had never been subject to tonnage tax, and

(b) all such allowances and charges under that Part had been made as could have been made.

References

Company with industrial building leaves Tonnage Tax TTM09430