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Tonnage tax

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HMRC has confirmed that financial year 2017 (ending 31 March 2018) will not be an ‘excepted year’ for tonnage tax purposes. This means companies starting to operate a vessel registered outside the EU and EEA will have to carry out a ‘flagging test’ to determine whether the ship qualifies for tonnage tax. Shipping companies can elect to compute their corporation tax profits under tonnage tax rules for ships registered in the UK and weighing 100 tons or more. See