Paragraph 17

(1)

This paragraph applies where a company temporarily ceases to operate F1or manage any qualifying ships.

It does not apply where a company continues to operate or manage a ship that temporarily ceases to be a qualifying ship.

(2)

If the company gives notice to the Inland Revenue stating—

(a)

its intention to resume operating F2or managing qualifying ships, and

(b)

its wish to remain within tonnage tax,

the company shall be treated for the purposes of this Schedule as if it had continued to operate F3or manage the qualifying ship or ships it operated F4or managed immediately before the temporary cessation.

(3)

The notice must be given not later than the date which is the filing date for the company’s company tax return for the accounting period in which the temporary cessation begins.

“Filing date” and “company tax return” here have the same meaning as in Schedule 18 to the M1Finance Act 1998.

(4)

This paragraph ceases to apply if and when the company—

(a)

abandons its intention to resume operating F5or managing qualifying ships, or

(b)

again in fact operates F6or manages a qualifying ship.

Annotations

Textual amendments

F1: Words in Sch. 22 para. 17(1) inserted (with effect in accordance with Sch. 8 para. 8 of the amending Act) by Finance Act 2024 (c. 3), Sch. 8 para. 5(a)
F2: Words in Sch. 22 para. 17(2)(a) inserted (with effect in accordance with Sch. 8 para. 8 of the amending Act) by Finance Act 2024 (c. 3), Sch. 8 para. 5(b)
F3: Words in Sch. 22 para. 17(2) inserted (with effect in accordance with Sch. 8 para. 8 of the amending Act) by Finance Act 2024 (c. 3), Sch. 8 para. 5(c)(i)
F4: Words in Sch. 22 para. 17(2) inserted (with effect in accordance with Sch. 8 para. 8 of the amending Act) by Finance Act 2024 (c. 3), Sch. 8 para. 5(c)(ii)
F5: Words in Sch. 22 para. 17(4)(a) inserted (with effect in accordance with Sch. 8 para. 8 of the amending Act) by Finance Act 2024 (c. 3), Sch. 8 para. 5(d)(i)
F6: Words in Sch. 22 para. 17(4)(b) inserted (with effect in accordance with Sch. 8 para. 8 of the amending Act) by Finance Act 2024 (c. 3), Sch. 8 para. 5(d)(ii)

Marginal citations

M1: 1998 c. 36.