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Tonnage tax training payments uprating

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The Tonnage Tax (Training Requirement) (Amendment etc) Regulations, SI 2019/1227, increase the amount of the payments that companies within the tonnage tax regime are obliged to make to eligible officer trainees in lieu of training, with effect from 1 October 2019.

The amount payable to the Maritime Training Trust for each month during a relevant four-month period commencing on or after 1 October 2019 in respect of the training requirement is increased from £1,284 to £1,309.

The basic rate used to calculate the higher rate payable by companies or groups who fail to meet their training commitment is increased from £1,195 to £1,218. Companies that fail to meet their training commitment (at least 50% trained) in the current year will see any payments in lieu due in the following year increase by 50%. This will be increased to 100% if the training requirement is not met in two consecutive years.

Issue: 1456
Categories: News