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The Tonnage Tax (Exception of Financial Year 2005) Order 2005

S.I. 2005/1480 · Made 6 June 2005

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

CORPORATION TAX

Made 6th June 2005

Coming into force 1st July 2005

The Treasury, in exercise of the powers conferred upon them by paragraph 22B(2) of Schedule 22 to the Finance Act 2000f1, make the following Order:

Annotations to the whole text

Footnotes

f1

2000 c. 17; paragraph 22B was inserted by paragraph 8 of Schedule 7 to the Finance Act 2005 (c. 7). Note that paragraph 22C(1) of Schedule 22 to the Finance Act 2000 was disapplied for financial year 2005 by paragraph 20 of Schedule 7 to the Finance Act 2005.

Contents

  1. 1Citation and commencement
  2. 2Exception of financial year 2005
  3. Signature
  4. Explanatory note

1Citation and commencement

This Order may be cited as the Tonnage Tax (Exception of Financial Year 2005) Order 2005 and shall come into force on 1st July 2005.

2Exception of financial year 2005

The financial year 2005 is designated as one in relation to which paragraph 22A of Schedule 22 to the Finance Act 2000 is not to have effect.

Signature

Joan Ryan

Gillian Merron

Two of the Lords Commissioners of Her Majesty’s Treasury

6th June 2005

Explanatory note

(This note is not part of the Order)

This Order disapplies paragraph 22A of Schedule 22 to the Finance Act 2000 for the financial year 2005 (which commenced on 1st April 2005: see section 834 of the Income and Corporation Taxes Act 1988). Paragraph 22A would otherwise have effect from 30th June 2005 (paragraph 22A(2)).

Paragraph 8 of Schedule 7 to the Finance Act 2005 introduced (to comply with European Community guidelines on State aid to maritime transport) a general requirement that ships entering the Tonnage Tax regime in future should be Community-flagged. Paragraph 22B(2) of Schedule 22 to the Finance Act 2000 gives the Treasury power to disapply that rule on a year-by-year basis (subject to certain conditions for the financial year 2006 onwards). This Order accordingly disapplies that rule for financial year 2005.

This Order imposes no costs on business.