SCHEDULES
SCHEDULE 22 Tonnage tax
C1Part II Tonnage tax elections
When election may be made
10
1
A tonnage tax election may be made at any time before the end of the period of twelve months beginning with the day on which this Act is passed (“the initial period”).
After the end of the initial period a tonnage tax election may only be made—
a
in the circumstances specified in the following provisions of this paragraph, or
b
as provided by an order under paragraph 11 (power to provide further opportunities for election).
2
An election may be made after the end of the initial period in respect of a single company that—
a
becomes a qualifying company, and
b
has not previously been a qualifying company at any time after the passing of this Act.
Any such election must be made before the end of the period of twelve months beginning with the day on which the company became a qualifying company F2, subject to sub-paragraph (3A).
3
An election may be made after the end of the initial period in respect of a group that becomes a qualifying group by virtue of a member of the group becoming a qualifying company, not previously having been a qualifying company at any time after the passing of this Act.
This does not apply if the group—
a
was previously a qualifying group at any time after the passing of this Act, or
b
is substantially the same as a group that was previously a qualifying group at any such time.
An election under this sub-paragraph must be made before the end of the period of twelve months beginning with the day on which the group became a qualifying group F3, subject to sub-paragraph (3A).
F13A
An election under sub-paragraph (2) or (3) may be made after the end of the period specified in that sub-paragraph with the consent of an officer of Revenue and Customs.
3B
An officer of Revenue and Customs may not give consent for the purposes of sub-paragraph (3A) unless satisfied that—
a
there was a reasonable excuse for the failure to make the election before the end of the period specified in sub-paragraph (2) or (3) (as appropriate), and
b
after the end of that period, the consent was requested without delay or there is a reasonable excuse for any further delay.
4
This paragraph does not prevent an election being made under the provisions of Part XII of this Schedule relating to mergers and demergers.
Sch. 22 Pt. 2 applied (with modifications) (1.6.2023) by The Tonnage Tax (Further Opportunity for Election) Order 2023 (S.I. 2023/508), arts. 1, 3