Finance Act 2024 (c. 3)

Schedules

Schedule 8 U.K. Tonnage tax

Qualifying companies to include companies managing qualifying ships U.K.

2 (1) In paragraph 16 (qualifying companies and groups), in sub-paragraph (1)(b), after “operates” insert “or manages”.

(2) After paragraph 18 insert—

“Meaning of managing a qualifying ship

18A A company is regarded for the purposes of this Schedule as managing a qualifying ship if—

(a) the ship is a qualifying ship operated by a tonnage tax company (“the operator”),

(b) the company carries on activities in relation to the ship that would be tonnage tax activities of the operator if the operator carried them on, and

(c) those activities as carried on by the company represent a significant contribution to the operation of the ship.”