- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
There are currently no known outstanding effects for the Finance Act 2000, Paragraph 42.
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42(1)If a tonnage tax company is a party to any such transaction or arrangement as is mentioned in paragraph 41(1), the Inland Revenue may—U.K.
(a)if it is a single company, give notice excluding it from tonnage tax;
(b)if it is a member of a group, give notice excluding the group from tonnage tax.
(2)The effect of the notice in the case of a single company is that the company’s tonnage tax election ceases to be in force from the beginning of the accounting period in which the transaction or arrangement was entered into.
(3)The effect of such a notice in the case of a group is that the group’s tonnage tax election ceases to be in force from such date as may be specified in the notice.
The specified date must not be earlier than the beginning of the earliest accounting period in which any member of the group entered into the transaction or arrangement in question.
(4)The provisions of paragraphs 138 and 139 (exit charge: chargeable gains and balancing charges) apply where a company ceases to be a tonnage tax company by virtue of this paragraph.
(5)Notice under this sub-paragraph (1)(b) need only be given to the company mentioned in the opening words of that sub-paragraph.
This is subject to any arrangements under paragraph 120 (arrangements for dealing with group matters).
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