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SCHEDULES

SCHEDULE 22U.K. Tonnage tax

Part XIIU.K. Groups, mergers and related matters

Demerger: groupU.K.

128(1)This paragraph applies where a tonnage tax group splits into two or more groups.U.K.

(2)In that case each new group that contains a qualifying company that was a tonnage tax company before the demerger is a tonnage tax group as if a group election had been made.

(3)That deemed election continues in force, subject to the provisions of this Schedule, until the group election would have expired.