Taxes Consolidation Act 1997 Schedule 18B paragraph 1

Method of making and giving effect to an election

Paragraph 1 of Schedule 18B sets out how a tonnage tax election is made and the information Revenue may require before the election takes effect.

• A tonnage tax election must be made by notice to Revenue on a prescribed form.
• The election does not take effect until Revenue is satisfied with the supporting information provided.
• Revenue may require documentation on the company's legal status, business plans, directors, shareholders, qualifying ships, and management arrangements in the State.
• Where a group election is made, details of all group companies, their shareholdings, and inter-company fund flows must also be provided.