TTM17000 - Schedule 22 Finance Act 2000
Table of contents - FA00/SCH22
| Part I | Introductory | |
| TTM17001 | para 1 | Tonnage tax |
| TTM17002 | para 2 | Tonnage tax companies and groups |
| TTM17003 | para 3 | Profits of tonnage tax company |
| TTM17004 | para 4 | Tonnage tax profits: method of calculation |
| TTM17005 | para 5 | Tonnage tax profits: calculation in case of joint operation etc |
| TTM17006 | para 6 | Measurement of tonnage of ship |
Part II | Tonnage tax elections | |
| TTM17007 | para 7 | Company or group election |
| TTM17008 | para 8 | Method of making election |
| TTM17009 | para 9 | Person by whom election to be made |
| TTM17010 | para 10 | When election may be made |
| TTM17011 | para 11 | Power to provide further opportunities for election |
| TTM17012 | para 12 | When election takes effect |
| TTM17013 | para 13 | Period for which election in force |
| TTM17014 | para 14 | Effect of election ceasing to be in force |
| TTM17015 | para 15 | Renewal election |
Part III | Qualifying companies and groups | |
| TTM17016 | para 16 | Qualifying companies and groups |
| TTM17017 | para 17 | Effect of temporarily ceasing to operate qualifying ships |
| TTM17018 | para 18 | Meaning of operating a ship |
| TTM17019 | para 19 | Qualifying ships |
| TTM17020 | para 20 | Vessels excluded from being qualifying ships |
| TTM17021 | para 21 | Power to exclude other kinds of vessel |
| TTM17022 | para 22 | Effect of change of use |
Part IV | The training requirement | |
| TTM17023 | para 23 | Introduction |
| TTM17024 | para 24 | The minimum training obligation |
| TTM17025 | para 25 | Meaning of "training commitment" |
| TTM17026 | para 26 | Approval of initial training commitment |
| TTM17027 | para 27 | Annual training commitment |
| TTM17028 | para 28 | Supplementary provisions about training commitments |
| TTM17029 | para 29 | Payments in lieu of training |
| TTM17030 | para 30 | Monitoring of compliance with training commitment |
| TTM17031 | para 31 | Higher rate of payment in case of failure to meet training commitment |
| TTM17032 | para 32 | Certificate of non-compliance |
| TTM17033 | para 33 | Certificates of non-compliance: supplementary provisions |
| TTM17034 | para 34 | Disclosure of information |
| TTM17035 | para 35 | Offences |
| TTM17036 | para 36 | General provisions about regulations |
Part V | Other requirements | |
| TTM17037 | para 37 | The requirement that not more than 75% of fleet tonnage is chartered in |
| TTM17038 | para 38 | The 75% limit: election not effective if limit exceeded |
| TTM17039 | para 39 | The 75% limit: exclusion of company if limit exceeded |
| TTM17040 | para 40 | The 75% limit: exclusion of group if limit exceeded |
| TTM17041 | para 41 | The requirement not to enter into tax avoidance arrangements |
| TTM17042 | para 42 | Tax avoidance: exclusion from tonnage tax |
| TTM17043 | para 43 | Appeals |
Part VI | Relevant shipping profits | |
| TTM17044 | para 44 | Introduction |
| TTM17045 | para 45 | Tonnage tax activities |
| TTM17046 | para 46 | Core qualifying activities |
| TTM17047 | para 47 | Qualifying secondary activities |
| TTM17048 | para 48 | Qualifying incidental activities |
| TTM17049 | para 49 | Relevant shipping income: distributions of overseas shipping companies |
| TTM17050 | para 50 | Relevant shipping income: certain interest etc |
| TTM17051 | para 51 | General exclusion of investment income |
Part VII | The ring fence: general provisions | |
| TTM17052 | para 52 | Accounting period ends on entry or exit |
| TTM17053 | para 53 | Tonnage tax trade |
| TTM17054 | para 54 | Profits of controlled foreign companies |
| TTM17055 | para 55 | General exclusion of reliefs, deductions and set-offs |
| TTM17056 | para 56 | Exclusion of loss relief |
| TTM17057 | para 57 | Exclusion of relief or set-off against tax liability |
| TTM17058 | para 58 | Transactions not at arm's length: between tonnage tax company and another person |
| TTM 17059 | para 59 | Transactions not at arm's length: between tonnage tax trade and other activities of same company |
| TTM17060 | para 60 | Transactions not at arm's length: duty to give notice |
| TTM17061 | para 61 | Treatment of finance costs: single company |
| TTM17062 | para 62 | Treatment of finance costs: group company |
| TTM17063 | para 63 | Meaning of "finance costs" |
Part VIII | Chargeable gains and allowable losses on tonnage tax assets | |
| TTM17064 | para 64 | Chargeable gains: tonnage tax assets |
| TTM17065 | para 65 | Chargeable gains: disposal of tonnage tax asset |
| TTM17066 | para 66 | Chargeable gains: losses brought forward |
| TTM17067 | para 67 | Chargeable gains: roll-over relief for business assets |
Part IX | The ring fence: capital allowances: general | |
| TTM17068 | para 68 | Introduction |
| TTM17069 | para 69 | Entry: plant and machinery: assets to be used wholly for tonnage tax trade |
| TTM17070 | para 70 | Entry: plant and machinery: assets to be used partly for tonnage tax trade |
| TTM17071 | para 71 | Entry: ships acquired and disposed of within twelve months |
| TTM17072 | para 72 | Entry: deferred balancing charge on disposal of ship |
| TTM17073 | para 73 | During: plant and machinery: new expenditure partly for tonnage tax purposes |
| TTM17074 | para 74 | During: plant and machinery: asset beginning to be used for tonnage tax trade |
| TTM17075 | para 75 | During: plant and machinery: change of use of tonnage tax asset |
| TTM17076 | para 76 | During: plant and machinery: change of use of non-tonnage tax asset |
| TTM17077 | para 77 | During: plant and machinery: disposals |
| TTM17078 | para 78 | During: plant and machinery: reduction of balancing charges |
| TTM17079 | para 79 | During: plant and machinery: giving effect to balancing charge |
| TTM17080 | para 80 | During: plant and machinery: deferment of balancing charge |
| TTM17081 | para 81 | During: plant and machinery: surrender of unrelieved qualifying expenditure |
| TTM17082 | para 82 | During: industrial buildings: mixed use |
| TTM17083 | para 83 | During: industrial buildings: balancing charges |
| TTM17084 | para 84 | During: industrial buildings: residue of qualifying expenditure |
| TTM17085 | para 85 | Exit: plant and machinery |
| TTM17086 | para 86 | Exit: industrial buildings |
| TTM17087 | para 87 | Meaning of "not entitled to capital allowances" |
| TTM17088 | para 88 | Interpretation |
Part X | The ring fence: capital allowances: ship leasing | |
| TTM17089 | para 89 | Introduction |
| TTM17090 | para 90 | Defeased leasing |
| TTM17091 | para 91 | Defeased leasing: excepted forms of security |
| TTM17092 | para 92 | Sale and lease-back arrangements |
| TTM17093 | para 93 | Certificates required to support claim by finance lessor |
| TTM17094 | para 94 | Quantitative restrictions on allowances |
| TTM17095 | para 95 | Quantitative restrictions: further provisions as to rate bands, limit and pooling |
| TTM17096 | para 96 | Quantitative restrictions: meaning of "cost of providing ship" |
| TTM17097 | para 97 | Quantitative restrictions: treatment of disposal proceeds |
| TTM17098 | para 98 | Quantitative restrictions: change of circumstances bringing case within restrictions |
| TTM17099 | para 99 | Quantitative restrictions: change of circumstances taking case out of restrictions |
| TTM17100 | para 100 | Determination of tax written down value, etc |
| TTM17101 | para 101 | Quantitative restrictions: power to alter amounts by regulations |
| TTM17102 | para 102 | Exclusion of leases entered into on or before 23 December 1999 |
Part XI | Special rules for offshore activities | |
| TTM17103 | para 103 | Introduction |
| TTM17104 | para 104 | Meaning of "offshore activities" |
| TTM17105 | para 105 | Vessels to which special provisions do not apply |
| TTM17106 | para 106 | Treatment of periods of inactivity |
| TTM17107 | para 107 | Profits from offshore activities to be computed according to ordinary rules |
| TTM17108 | para 108 | Application of ring fence provisions |
| TTM17109 | para 109 | Chargeable gains from assets used for offshore activities |
| TTM17110 | para 110 | Capital allowances: general |
| TTM17111 | para 111 | Capital allowances: proportionate reduction of allowances |
| TTM17112 | para 112 | Capital allowances: notional qualifying expenditure: existing assets |
| TTM17113 | para 113 | Capital allowances: notional qualifying expenditure: new assets |
| TTM17114 | para 114 | The training requirement |
| TTM17115 | para 115 | Interpretation |
Part XII | Groups, mergers and related matters | |
| TTM17116 | para 116 | Meaning of "group" and "member of group" |
| TTM17117 | para 117 | Companies treated as controlled by an individual |
| TTM17118 | para 118 | Meaning of "control" |
| TTM17119 | para 119 | Company not to be treated as member of more than one group |
| TTM17120 | para 120 | Arrangements for dealing with group matters |
| TTM17121 | para 121 | Meaning of "merger" and "demerger" |
| TTM17122 | para 122 | Merger: between tonnage tax groups or companies |
| TTM17123 | para 123 | Merger: tonnage tax group or company and qualifying non-tonnage tax group or company |
| TTM17124 | para 124 | Merger: tonnage tax group or company and non-qualifying group or company |
| TTM17125 | para 125 | Merger: non-qualifying group or company and qualifying non-tonnage tax group or company |
| TTM17126 | para 126 | Meaning of "dominant party" in relation to merger |
| TTM17127 | para 127 | Demerger: single company |
| TTM17128 | para 128 | Demerger: group |
| TTM17129 | para 129 | Duty to notify Inland Revenue of group changes |
Part XIII | Application of provisions to partnerships | |
| TTM17130 | para 130 | Introduction |
| TTM17131 | para 131 | Calculation of partnership profits |
| TTM17132 | para 132 | Qualifying partnerships |
| TTM17133 | para 133 | Ships owned by or chartered to partners |
| TTM17134 | para 134 | Transactions not at arm's length |
| TTM17135 | para 135 | Adjustments for capital allowance purposes |
| TTM17136 | para 136 | General |
Part XIV | Withdrawal of relief etc. On company leaving tonnage tax | |
| TTM17137 | para 137 | Introduction |
| TTM17138 | para 138 | Exit charge: chargeable gains |
| TTM17139 | para 139 | Exit charge: balancing charges |
| TTM17140 | para 140 | Ten year disqualification from re-entry into tonnage tax |
| TTM17141 | para 141 | Second or subsequent application of this Part |
Part XV | Supplementary provisions | |
| TTM17142 | para 142 | Meaning of "ship" |
| TTM17143 | para 143 | Meaning of "on bareboat charter terms" |
| TTM17144 | para 144 | Meaning of "associate" |
| TTM17145 | para 145 | Exercise of functions conferred on "the Inland Revenue" |
| TTM17146 | para 146 | Meaning of "company" and related expressions |
| TTM17147 | para 147 | Index of defined expressions |
