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 2005 the figure by which the number of months is to be multiplied is increased from £608 to £621. In the case of a higher rate payment where there has been a failure to meet the training requirement, the basic rate to be used in the calculation is increased from £553 to £565.

A Regulatory Impact Assessment has not been prepared for this instrument as it only provides for increases in line with the rate of inflation.