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HMRC internal manual

Tonnage Tax Manual

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S I 850/2007

STATUTORY INSTRUMENTS 2007 No.850

CORPORATION TAX

The Tonnage Tax (Exception of Financial Year 2007) Order 2007

Made 14th March 2007
   
Coming into force 1st April 2007

The Treasury are satisfied that the percentage of the tonnage tax fleet which is Community-flagged has not decreased on average over the period prescribed in Article 2(a) of this Order.

The Treasury, in exercise of the powers conferred upon them by paragraphs 22B(2) and 22C(1) of Schedule 22 to the Finance Act 2000(1), make the following Order:

Citation and commencement

  1. This Order may be cited as the Tonnage Tax (Exception of Financial Year 2007) Order 2007 and shall come into force on 1st April 2007.

Prescribed three year period and other definitions

  1. For the purposes of this Order—

(a) the period prescribed for the purposes of paragraph 22C(1)(a) of Schedule 22 to the Finance Act 2000 (three year period to determine whether the percentage of the tonnage tax fleet which is Community-flagged has not decreased) is the period beginning on 2nd October 2003 and ending on 1st October 2006;

(b) “the tonnage tax fleet” means qualifying ships operated by single companies or qualifying companies which are members of a tonnage tax group; and

(c) “the percentage of the tonnage tax fleet which is Community-flagged” is—

where—

CFT is the aggregate tonnage of qualifying ships registered in one of the Member States’ registers,

TT is the aggregate tonnage of all qualifying ships, and

no qualifying ship is counted more than once in determining an aggregate.

Exception of financial year 2007

  1. The financial year 2007 is designated as one in relation to which paragraph 22A of Schedule 22 to the Finance Act 2000 is not to have effect.

Frank Roy

Alan Campbell

Two of the Lords Commissioners of Her Majesty’s Treasury

14th March 2007