Taxes Consolidation Act 1997 Schedule 18B paragraph 2

When election may be made

Schedule 18B paragraph 2 sets out the time limits within which a tonnage tax election may be made, including both the initial 36-month window and the extended windows available to companies or groups that later become qualifying.

• A qualifying company must elect for tonnage tax within 36 months of the commencement date (28 March 2003) — this is known as the initial period.
• After the initial period, a company that becomes a qualifying company for the first time may elect within 36 months of becoming qualifying; a similar rule applies to groups, but not where the group was previously qualifying or is substantially the same as a former qualifying group.
• These time restrictions do not prevent an election being made under Part 4 of the Schedule (which deals with mergers, reconstructions and similar events).
• The Minister for Finance may by order provide for further periods within which a tonnage tax election may be made.