Taxes Consolidation Act 1997 Schedule 18B paragraph 32

Second or subsequent application of sections 697P and 697Q

Paragraph 32 adapts the application of sections 697P and 697Q where a company ceases to be a tonnage tax company on a second or subsequent occasion.

• Where sections 697P and 697Q apply again after a company exits tonnage tax for a second or subsequent time, the rules are adapted to refer only to the most recent exit.
• References to the company ceasing to be a tonnage tax company are read as references to the last occasion on which it did so.
• References to the period during which the company was a tonnage tax company do not include any period before its most recent entry into tonnage tax.
• This prevents a company from arguing that a previous 10-year ban has already been served, ensuring the ban runs from the date of the latest exit.