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Finance Act 2000
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Changes and effects yet to be applied to Schedule 22 Paragraph 12:
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- Sch. 12 (except para. 17 18) repealed by 2003 c. 1 Sch. 8 Pt. 1
- Sch. 22 para. 12(7) added by S.I. 2005/1449 art. 3(5)
- Sch. 22 para. 12(2) text amended by S.I. 2005/1449 art. 3(2)
- Sch. 22 para. 12(3) text amended by S.I. 2005/1449 art. 3(3)
- Sch. 22 para. 12(4) text amended by S.I. 2005/1449 art. 3(4)
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- Act applied (with modifications) by S.I. 2011/245 Sch. 6 Pt. 1
- Act modified by S.I. 2009/317 art. 3 Sch.
- Blanket amendment text amended by S.I. 2011/1043 art. 3 6
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- S.I. 2003/603 art. 2 commences (2002 c. 23)
- S.I. 2003/708 art. 2 commences (2001 c. 16)
- S.I. 2003/962 art. 2 commences (2002 c. 21)
- S.I. 2003/1725 art. 2 commences (2002 c. 9)
- S.I. 2003/1900 art. 2 commences (2003 c. 21)
- S.I. 2003/2093 art. 2 commences (2002 c. 40)
- S.I. 2003/2622 art. 2 commences (2002 c. 23)
- S.I. 2003/3142 art. 2-4 commences (2002 c. 11 and 2003 c. 21)
- S.I. 2004/2066 art. 2 commences (2003 c. 39)
- S.I. 2004/3268 art. 2 commences (2004 c. 12)
- S.I. 2005/123 art. 2 commences (2004 c. 12)
- S.I. 2005/950 art. 2-4 commences (2003 c. 44)
- S.I. 2005/1126 art. 2 commences (2005 c. 11)
- S.I. 2005/1713 art. 2 commences (2003 c. 14)
- S.I. 2005/2122 art. 2 amendment to earlier commencing SI 2005/950 Sch. 2 para. 23
- S.I. 2007/2901 art. 2 commences (2006 c. 25)
- S.I. 2007/2902 art. 2 commences (2007 c. 11)
- S.I. 2008/1928 art. 2 commences (2008 c. 9)
- S.I. 2009/511 art. 2 commences (2008 c. 9)
- S.I. 2009/571 art. 2-5 commences (2008 c. 9)
- S.I. 2010/815 art. 2 commences (2009 c. 10)
- S.I. 2010/867 art. 2 commences (2009 c. 10)
- S.R. 2006/21 art. 2 commences (S.I. 2005/1455 (N.I.))
- S.R. 2006/22 art. 2-7 transitional provisions for effects of SR 2006/21
- S.R. 2006/63 art. 2 commences (S.I. 2004/1501 (N.I.))
- S.R. 2007/37 art. 2 commences (S.I. 2006/3337 (N.I.))
12(1)The general rule is that a tonnage tax election has effect from the beginning of the accounting period in which it is made.E+W+S+N.I.
This is subject to the following exceptions.
(2)A tonnage tax election cannot have effect in relation to an accounting period beginning before 1st January 2000.
If the general rule would produce that effect, the election has effect instead from the beginning of the accounting period following that in which it is made.
(3)The Inland Revenue may agree that a tonnage tax election made before the end of the initial period shall have effect from the beginning of an accounting period earlier than that in which it is made (but not one beginning before 1st January 2000).
(4)The Inland Revenue may agree that a tonnage tax election made before the end of the initial period shall have effect from the beginning of the accounting period following that in which it is made.
In exceptional circumstances they may agree that it shall have effect from the beginning of the accounting period following that one.
(5)In the case of a group election in respect of a group where the members have different accounting periods—
(a)sub-paragraph (1), or
(b)any agreement under sub-paragraph (3) or (4),
has effect in relation to each qualifying company by reference to that company’s accounting periods.
(6)A tonnage tax election under paragraph 10(2) or (3) (election in consequence of company becoming a qualifying company) has effect from the time at which the company in question became a qualifying company.
This is subject to paragraph 38(2)(a) and (b) (effect in certain cases of exceeding the 75% limit on chartered in tonnage).
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