- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Order)
The tonnage tax regime is a system of taxation for shipping companies provided for by section 82 of, and Schedule 22 to, the Finance Act 2000 (c. 17).
This Order disapplies paragraph 22A of Schedule 22 to the Finance Act 2000 for the financial year 2019.
Paragraph 22A of Schedule 22 sets out the general requirement that ships entering the tonnage tax regime should be Community-flagged (registered in the European Union or European Economic Area). This requirement was introduced by paragraph 8 of Schedule 7 to the Finance Act 2005 (c. 7) in order to comply with (then) European Community guidelines on State aid to maritime transport.
Paragraphs 22B(2) and 22C of Schedule 22 give the Treasury the power to make an Order disapplying that requirement 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 over a three year period that has been prescribed in regulations. The Tonnage Tax (Prescribed and Specified Matters) Regulations 2019 (S.I. 2019/398) prescribe as the three year period the period beginning on 2nd October 2015 and ending on 1st October 2018 (regulation 2) and specify the meaning of the percentage of the tonnage tax fleet which is Community-flagged (regulation 3) for the purposes of paragraph 22C of Schedule 22 and to facilitate the making of this Order.
A Tax Information and Impact Note has not been produced for this instrument as it contains no substantive changes to tax policy.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: