Taxes Consolidation Act 1997 Schedule 18B paragraph 7

Company temporarily ceasing to operate qualifying ships

Paragraph 7 of Schedule 18B allows a company that temporarily ceases to operate qualifying ships to remain within the tonnage tax system, provided it notifies Revenue of its intention to resume.

• A company that temporarily stops operating qualifying ships may give notice to Revenue of its intention to resume and its wish to remain within tonnage tax.
• If valid notice is given, the company is treated as if it had continued to operate the same qualifying ships it operated immediately before the temporary cessation.
• The notice must be filed on or before the specified return date for the chargeable period in which the temporary cessation begins.
• The paragraph ceases to apply if the company abandons its intention to resume or actually resumes operating a qualifying ship.