.png)
.png)
Tax ahoy!
Key points
- Tonnage tax is an alternative corporation tax regime.
- Tax is charged at a fixed rate with no loss relief.
- Once an election has been made the regime applies for ten years.
- Summary of qualifying conditions.
- There is a requirement to train cadets or pay for their training.
- Post-Brexit will there be a ‘window’ within which companies can elect to use the regime?
Tonnage tax is a niche area of corporate taxation which was first introduced in the UK in 2000 and applies to companies that operate ships. It was aimed primarily at stimulating the UK shipping industry as well as providing the UK with a regime to compete with fellow EU countries. It is an elective regime and is a legal way of achieving low taxation in return for providing economic benefit to the UK. Instead of companies paying corporation tax based on commercial profits tonnage tax profits...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
