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The Tonnage Tax (Exception of Financial Year 2018) Order 2018
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- UK Statutory Instruments
- 2018 No. 421
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Order)
This Order disapplies paragraph 22A of Schedule 22 to the Finance Act 2000 (c. 17) for the financial year 2018.
Paragraph 8 of Schedule 7 to the Finance Act 2005 (c. 7) introduced, in order to comply with (then) European Community guidelines on State aid to maritime transport, a general requirement that ships entering the tonnage tax regime after 30 June 2005 should be Community-flagged (registered in the European Union (EU) or European Economic Area (EEA)). Paragraphs 22B(2) and 22C of Schedule 22 to the Finance Act 2000 give the Treasury power to disapply that rule on a year-by-year basis, provided that they are satisfied that the percentage of the tonnage tax fleet which is Community-flagged has not decreased. The Tonnage Tax (Prescribed and Specified Matters) Regulations 2018 (S.I 2018/238) prescribe the three year period (in regulation 2) and specify the meaning of the percentage of the tonnage tax fleet which is Community-flagged (in regulation 3).
A Tax Information and Impact Note has not been produced for this instrument as it contains no substantive changes to tax policy.
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