Taxes Consolidation Act 1997 section 669L

Definitions

Section 669L defines the key terms used in Chapter 5 of Part 23, which provides specific tax treatment for the income tax, corporation tax, and capital gains tax liabilities arising on receipt of payments under the Brexit Voluntary Permanent Cessation Scheme (the Decommissioning Scheme) for fishing vessel owners.

• A Brexit compensation sum covers payments to a licence holder for vessel destruction, crew, catch, and licence surrender under a scheme established pursuant to EU Regulation 2021/1755, where the vessel was decommissioned during 2022 or 2023.
• A relevant vessel must be on the Register of Fishing Boats, used in polyvalent or beam trawl segments, have spent at least 90 days at sea in each of the two years before decommissioning (or during 2018 and 2019), and have been built at least 10 years beforehand.
• A crew member must have spent at least 90 days at sea on a relevant vessel in both 2020 and 2021, and the crew payment amount is the portion of the compensation sum received by the licence holder in respect of those crew members.
• The catch sum is based on the gross tonnage of fish landed in 2018 and 2019, adjusted for the vessel's age and reduced by any temporary tie-up payment already received.