Finance Act 2004 (c. 12)

SCHEDULES

SCHEDULE 5 U.K. Provision not at arm’s length: related amendments

Finance Act 2000 U.K.

Introductory: tonnage tax: transactions not at arm’s length U.K.

11 U.K. Schedule 22 to the Finance Act 2000 (c. 17) (tonnage tax) is amended as follows.

Transactions between tonnage tax company and another person U.K.

12 (1) Paragraph 58 is amended as follows. U.K.

(2) In sub-paragraph (1) (Schedule 28AA to the Taxes Act 1988 to apply with certain omissions) for the words following paragraph (b) substitute— “ Schedule 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). ”.

Transactions between tonnage tax trade and other activities of same company U.K.

13 (1) Paragraph 59 is amended as follows. U.K.

(2) For sub-paragraph (2) (Schedule 28AA to the Taxes Act 1988 to apply with certain omissions) substitute—

“(2) As applied by sub-paragraph (1), Schedule 28AA has effect with the omission of paragraphs 6 to 7A (elimination of double counting etc).”.