Further opportunity for election into tonnage tax
3.—(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).”.