TTM14000 - Exiting Tonnage Tax
Introduction
This section covers the tax treatment of companies that exit the tonnage tax regime. The treatment is different depending on whether there is a voluntary exit from the regime or whether the exit is non voluntary or forced. It also explains the specific provisions for exit charges.
Table of contents
Types of exit
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Types of exit |
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Expiry of election |
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Ceasing to be a qualifying company or group |
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Ceasing to qualify, but remaining in tonnage tax group (not an exit) |
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Operation of the merger provisions - voluntary exit |
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Operation of the merger provisions - forced exit |
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Exclusion for failing to meet 75% test on charters-in |
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Exclusion for tax avoidance |
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Opportunity to exit tonnage tax - withdrawal election |
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Effect of a withdrawal notice |
Effects of exiting regime
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Effects of exiting regime |
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Ten year disqualification |
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Reasons relating wholly or mainly to tax |
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Exit charge - General |
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Exit charge - Chargeable gains |
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Exit charge - Balancing charges |
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Exit charge - If a company leaves Tonnage Tax more than once |
