Explanatory note

These Regulations amend the Tonnage Tax (Training Requirement) Regulations 2000 by increasing the amount of the payments in lieu of training. In respect of a relevant four month period falling on or after 1st February 2002, the figure by which the number of months is to be multiplied is increased from £550 to £562. In the case of the higher rate of payment where there has been failure to meet the training requirement, the basic rate to be used in the calculations is increased from £500 to £512.