HM Treasury has designated financial year 2018 as an ‘excepted year’ for tonnage tax purposes.
HM Treasury has designated financial year 2018 as an ‘excepted year’ for tonnage tax purposes. This means companies and groups starting to operate a vessel registered outside the EU and EEA in the year beginning 1 April 2018 will not have to carry out an EU ‘flagging test’ to determine whether the ship qualifies for tonnage tax. See the Tonnage Tax (Exception of Financial Year 2018) Order, SI 2018/421.
The Treasury has the power to disapply the rule that ships entering the tonnage tax regime should be registered in the EU, where the percentage of the EU-registered tonnage tax fleet has not decreased over a given period.
HM Treasury has designated financial year 2018 as an ‘excepted year’ for tonnage tax purposes.
HM Treasury has designated financial year 2018 as an ‘excepted year’ for tonnage tax purposes. This means companies and groups starting to operate a vessel registered outside the EU and EEA in the year beginning 1 April 2018 will not have to carry out an EU ‘flagging test’ to determine whether the ship qualifies for tonnage tax. See the Tonnage Tax (Exception of Financial Year 2018) Order, SI 2018/421.
The Treasury has the power to disapply the rule that ships entering the tonnage tax regime should be registered in the EU, where the percentage of the EU-registered tonnage tax fleet has not decreased over a given period.