Taxes Consolidation Act 1997 section 697B

Application

Section 697B provides that a qualifying company may use the tonnage tax method, as set out in Part 24A and Schedule 18B, as an alternative way of computing its profits for corporation tax purposes.

• Part 24A and Schedule 18B establish an alternative method of computing profits for corporation tax, known as tonnage tax.
• Tonnage tax is available to qualifying companies as defined under the Part.
• Where tonnage tax applies, it overrides the normal computational rules in the Tax Acts and the Capital Gains Tax Acts.
• The tonnage tax regime is self-contained, with its own rules for determining taxable profits.