3 Further opportunity for election into tonnage tax
1 In the case of a tonnage tax election made during the further period, paragraph 12 of Schedule 22 to the Finance Act 2000 (when a tonnage tax election takes effect) is adapted as follows.
2 In sub-paragraph (2)—
(a) after “A tonnage tax election” insert “made during the further period”; and
(b) for “1st January 2000” substitute “1st January 2005”.
3 In sub-paragraph (3) —
(a) for “before the end of the initial period” substitute “during the further period”; and
(b) for “1st January 2000” substitute “1st January 2005”.
4 In sub-paragraph (4) for “before the end of the initial period” substitute “during the further period”.
5 At the end of the paragraph add—

“7 In this paragraph “the further period” means the period provided for by article 2 of the Tonnage Tax (Further Opportunity for Election) Order 2005 (S.I.2005/1449).”

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