
Print Options
PrintThe Whole
Act
PrintThe Whole
Schedule
PrintThe Whole
Part
PrintThe Whole
Cross Heading
PrintThis
Section
only
Changes over time for: Paragraph 49


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 22/02/2024
Status:
Point in time view as at 01/04/2022.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2000, Paragraph 49.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
49(1)Income of a tonnage tax company consisting in a dividend or other distribution of an overseas company is relevant shipping income if the following conditions are met.U.K.
(2)The conditions are—
(a)that the overseas company operates qualifying ships;
(b)that more than 50% of the voting power in the overseas company is held by a company resident in a [the United Kingdom...], or that two or more companies each of which is resident in a [the United Kingdom...] hold in aggregate more than 50% of that voting power;
(c)that the 75% limit is not exceeded in relation to the overseas company in any accounting period in respect of which the distribution is paid;
(d)that all the income of the overseas company is such that, if it were a tonnage tax company, it would be relevant shipping income;
(e)that the distribution is paid entirely out of profits arising at a time when—
(i)the conditions in paragraphs (a) to (d) were met, and
(ii)the tonnage tax company was subject to tonnage tax; and
(f)the profits of the overseas company out of which the distribution is paid are subject to a tax on profits (in the country of residence of the company or elsewhere, or partly in that country and partly elsewhere).
(3)For the purposes of sub-paragraph (2)(c) the “75% limit” is the requirement set out in paragraph 37 (requirement that not more than 75% of tonnage is chartered in) as it applies to a single company.
(4)In this paragraph an “overseas company” means a company that is not resident in the United Kingdom.
Back to top