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HMRC internal manual

Tonnage Tax Manual

HM Revenue & Customs
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Tonnage Tax Regulations 2000: Regulation 7

Plant and machinery used for the purposes of the company’s offshore activities – writing-down basis

SI00/2303/REG7(1) This regulation applies to any asset mentioned in paragraph 110(2)(a) of Schedule 22, where –

(a) the provisions of Part II of the 1990 Act apply to the asset by virtue of paragraph 110(2) of Schedule 22, and

(b) the paragraph 112(2) amount or the paragraph 113(2) amount for the asset, as the case may be (“the relevant amount”), falls to be written down under paragraph 112(6) or 113(3) of Schedule 22.
(2) The written down value of the relevant amount shall be determined by applying regulation 4, 5 or 6, as the case may be, as if –

(a) the tax condition were omitted,

(b) for references to the paragraph 85(2)(a) amount there were substituted references to the relevant amount, and

(c) for regulation 4(4)(a) and (b) there were substituted a reference to the period mentioned in paragraph 112(6) or 113(3) of Schedule 22, as the case may be.


Assets held before entry TTM11310
Assets acquired after entry TTM11320