SCHEDULE 22 Tonnage tax
Part VII The ring fence: general provisions
Transactions not at arm’s length: between tonnage tax company and another person
58
(1)
In relation to provision made or imposed as between a tonnage tax company and another person by a transaction or series of transactions that—
(a)
falls in relation to the tonnage tax company to be regarded as made or imposed in the course of, or with respect to, its tonnage tax trade, and
(b)
does not fall in relation to the other person to be regarded as made or imposed in the course of, or with respect to, a tonnage tax trade carried on by that person,
F1Schedule 28AA to the Taxes Act 1988 (transactions not at arm’s length) has effect with the omission of paragraphs 6 to 7A (elimination of double counting etc).
(2)
Expressions used in Schedule 28AA have the same meaning in this paragraph.
(3)
Nothing in this paragraph affects the computation of a company’s tonnage tax profits.