TTM18012 - Tonnage Tax Regulations 2000: Regulation 12

Chargeable gains: use of assets by partnerships which include corporate partners

SI00/2303/REG12Where

(a) an asset has been used wholly and exclusively for the purposes of activities of a partnership which are (or would be, if the partnership were a tonnage tax company) tonnage tax activities;

(b) throughout the period of use of the asset as mentioned in sub- paragraph (a), there was a corporate partner member of the partnership which was also a tonnage tax company; and

(c) the asset is disposed of by that corporate partner, or by another member of a group of which that corporate partner is a member,
references in paragraph 65(1) and (3) of Schedule 22 to a tonnage tax asset, or to any time at which or period during which an asset was a tonnage tax asset, shall respectively include references to the asset and period mentioned in this regulation, and references to a period during which an asset was not a tonnage tax asset shall be construed accordingly.

References

Chargeable gains on partnerships	TTM13200