TTM02120 - Tonnage Tax Elections: How to elect?

Action by inspector on receipt of election

Examination of election

• Under ‘self-assessment’ no formal acceptance of an election is required. All clearance correspondence, enquiries and elections into TT must be handled by Liverpool LBS TT Unit.

Acknowledgement of election

The Tonnage Tax Unit will issue to the company or, where a group, the representative company, an acknowledgement to confirm receipt of the election.

The acknowledgement will normally include a statement of the date on which the ten-year period covered by the election will start and end, effectively confirming agreement to any backdating or deferment of the starting date, subject to any necessary enquiry into the date of entry.

This acknowledgement will not mean that HM Revenue & Customs accepts that the companies, their activities, or their vessels qualify for Tonnage Tax. A group that wishes to have reassurance on this point should take advantage of the non statutory business clearance procedure. See TTM02010 onwards.

References