Leasing and Tonnage Tax:
The Inland Revenue has today issued draft legislation (PDF file 54K) amending the rules that apply where a ship is leased to a tonnage tax company. These will form part of the next Finance Bill. The changes were announced by the Paymaster General, Dawn Primarolo, on 19 December 2002, and set out in an Inland Revenue News Release. Draft Explanatory Notes (PDF 14K) to the legislation are also available.
The News Release of 19 December 2002 promised that draft legislation would be issued shortly, and that there would be an opportunity for interested parties to comment on the detail of the rules. Comments should be sent, by 28 February 2003, to:
Philip Donlan
Revenue Policy International
Victory House
30-34 Kingsway
London
WC2B 6ES
Or by email to: Philip Donlan
Your comments may be made public unless you indicate that you would prefer
them to remain confidential.
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