The Tonnage Tax (Exception of Financial Year 2019) Order, SI 2019/658, designates financial year 2019 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 2019 will not have to carry out a ‘flagging test’ to determine whether the ship qualifies for tonnage tax.
The Tonnage Tax (Exception of Financial Year 2019) Order, SI 2019/658, designates financial year 2019 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 2019 will not have to carry out a ‘flagging test’ to determine whether the ship qualifies for tonnage tax.
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