Taxes Consolidation Act 1997 Schedule 18B paragraph 6

Renewal election

Paragraph 6 provides that a company or group with a tonnage tax election in force may make a renewal election, which supersedes the existing election and continues the tonnage tax regime for a further period.

• A company or group may make a renewal election at any time while an existing tonnage tax election is in force.
• The same rules that apply to an original tonnage tax election also apply to a renewal election.
• A renewal election supersedes and replaces the existing tonnage tax election.
• The renewal election continues the application of tonnage tax for a further 10-year period from the date of the renewal.