TTM02700 - Withdrawal notices

A Tonnage Tax election will normally remain in force for ten years, see TTM02500.

There is normally no provision for a company to elect out of Tonnage Tax before the end of the ten year period.

Following the changes introduced by Finance Act 2005, companies were given a window of opportunity to withdraw from Tonnage Tax (FA00/Sch22/Para15A).

The Treasury has powers under FA00/Sch22/Para15B to introduce further windows of opportunity for companies to withdraw from Tonnage Tax.

References