Explanatory note

These Regulations further 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 October 2003, the figure by which the number of months is to be multiplied is increased from £573 to £591. 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 £522 to £538 (regulations 4 and 5).

These Regulations also ensure that there is a continuing obligation on tonnage tax companies in respect of eligible officer trainees for whom training was not but should have been provided (regulation 3).