Finance Act 2024 (c. 3)

Schedules

Schedule 8 U.K. Tonnage tax

Disapplication of 75% limit for ship managers U.K.

7 (1) In paragraph 37 (75% charter limit)—

(a) in sub-paragraph (1), in the words before paragraph (a), after “of” insert “a relevant company or group”, and

(b) after sub-paragraph (5) insert—

“(6) For the purposes of sub-paragraph (1)—

(a) a company is “relevant” if it operates one or more qualifying ships, and

(b) a group is “relevant” if it has one or more members that operate one or more qualifying ships.”

(2) In paragraph 49 (distributions of oversea shipping companies), in sub-paragraph (2), in paragraph (c), after “that” insert “, where the overseas company operates qualifying ships,”.