Finance Act 2024 (c. 3)

Part 1 U.K. Income tax and corporation tax

Chapter 1 U.K. Reliefs for businesses etc

Tonnage tax U.K.

10 Increase in capital allowances limit for ship leasing U.K.

(1) Paragraph 94 of Schedule 22 to FA 2000 (tonnage tax: restrictions on capital allowances) is amended as follows.

(2) In sub-paragraph (3), for “£40 million”, in both places it occurs, substitute “£100 million”.

(3) In sub-paragraph (5), for “£80 million” substitute “£200 million”.

(4) The amendments made by subsections (2) and (3) have effect in relation to leases entered into on or after 1 April 2024.