SCHEDULES
SCHEDULE 22Tonnage tax
Part XIIGroups, mergers and related matters
Company not to be treated as member of more than one group
119
1
For the purposes of this Schedule a company may not, at the same time, be a member—
a
of a tonnage tax group and a qualifying non-tonnage tax group, or
b
of more than one tonnage tax group.
2
If the rules in paragraphs 116 to 118 would produce that result in relation to a company, the following rules apply.
3
As between a tonnage tax group and a qualifying non-tonnage tax group, the company shall be treated as a member of the tonnage tax group and not of the non-tonnage tax group.
4
As between two tonnage tax groups, the company shall be treated as a member of the group whose tonnage tax election was made first and not of the other tonnage tax group.
5
In the case of group elections made at the same time, the company may choose which election it joins in.
It is treated for the purposes of this Schedule as a member of the group in respect of which that election is made and not of any other tonnage tax group.