TTM05300 - The 75% Limit on Charters-in: If limit exceeded

Effect

Exceeding the 75% limit:

• may allow inspector to exclude company or group from tonnage tax, (see TTM05310);
• will invalidate elections made in initial period, (see TTM02400); or
• will defer the effect of elections made after initial period, (see TTM02410).

But a renewal election may still be made at a time when the limit is exceeded (see TTM02600)

References