{
  "url": "https://openlegislation.uk/finance-act-2000/schedule-22/paragraph-49",
  "json_url": "https://openlegislation.uk/finance-act-2000/schedule-22/paragraph-49.json",
  "legislation": "ukpga/2000/17",
  "legislation_title": "Finance Act 2000",
  "legislation_url": "https://openlegislation.uk/finance-act-2000",
  "path": "schedule/22/paragraph/49",
  "kind": "paragraph",
  "number": "49",
  "heading": null,
  "text": "(1) Income of a tonnage tax company consisting in a dividend or other distribution of an overseas company is relevant shipping income if the following conditions are met.\n(2) The conditions are—\n(a) that the overseas company operates qualifying ships;\n(b) that more than 50% of the voting power in the overseas company is held by a company resident in a the United Kingdom ..., or that two or more companies each of which is resident in a the United Kingdom ... hold in aggregate more than 50% of that voting power;\n(c) that , where the overseas company operates qualifying ships, the 75% limit is not exceeded in relation to the overseas company in any accounting period in respect of which the distribution is paid;\n(d) that all the income of the overseas company is such that, if it were a tonnage tax company, it would be relevant shipping income;\n(e) that the distribution is paid entirely out of profits arising at a time when—\n(i) the conditions in paragraphs (a) to (d) were met, and\n(ii) the tonnage tax company was subject to tonnage tax; and\n(f) the profits of the overseas company out of which the distribution is paid are subject to a tax on profits (in the country of residence of the company or elsewhere, or partly in that country and partly elsewhere).\n(3) For the purposes of sub-paragraph (2)(c) the “75% limit” is the requirement set out in paragraph 37 (requirement that not more than 75% of tonnage is chartered in) as it applies to a single company.\n(4) In this paragraph an “overseas company” means a company that is not resident in the United Kingdom.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 22 para. 49(2)(b) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2020 (S.I. 2020/332), regs. 1, 2(7)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 22 para. 49(2)(b) omitted (1.4.2022 for accounting periods beginning on or after that date) by virtue of Finance Act 2022 (c. 3), s. 25(9)(12)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Sch. 22 para. 49(2)(c) inserted (with effect in accordance with Sch. 8 para. 8 of the amending Act) by Finance Act 2024 (c. 3), Sch. 8 para. 7(2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2000/17/schedule/22/paragraph/49",
    "retrieved_at": "2026-10-29T09:21:00.128981+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}