# Finance Act 2000, Paragraph 140


(1) A company election made by a former tonnage tax company is ineffective if made before the end of the period of ten years beginning with the date on which the company ceased to be a tonnage tax company.
(2) A group election that—
(a) is made in respect of a group whose members include a former tonnage tax company, and
(b) would result in that company becoming a tonnage tax company,
is ineffective if made before the end of the period of ten years beginning with the date on which that company ceased to be a tonnage tax company.
(3) Sub-paragraphs (1) and (2) do not prevent a company becoming a tonnage tax company under and in accordance with the rules in Part XII of this Schedule (groups, mergers and related matters).
(4) In this paragraph “former tonnage tax company” means a company that is not a tonnage tax company but has previously been a tonnage tax company.

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Source: https://www.legislation.gov.uk/ukpga/2000/17/schedule/22/paragraph/140 (the official version)
Page: https://openlegislation.uk/finance-act-2000/schedule-22/paragraph-140
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.