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Finance Act 2000

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This is the original version (as it was originally enacted).

Renewal election

15(1)At any time when a tonnage tax election is in force in respect of a single company or group a further tonnage tax election (a “renewal election”) may be made in respect of that company or group.

(2)This is subject to paragraph 32(5) (training requirement: no renewal election if non-compliance notice in force).

(3)The provisions of—

  • paragraphs 7 to 9 (type of election, method of election and person by whom election to be made), and

  • paragraphs 13 and 14 (period for which election is in force and when election ceases to have effect),

apply in relation to a renewal election as they apply in relation to an original tonnage tax election.

(4)A renewal election supersedes the existing tonnage tax election.

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