TTM17000 - Schedule 22 Finance Act 2000: Contents
Table of contents - FA00/SCH22
Part I Introductory
|
para 1 |
Tonnage tax |
|
|
para 2 |
Tonnage tax companies and groups |
|
|
para 3 |
Profits of tonnage tax company |
|
|
para 4 |
Tonnage tax profits: method of calculation |
|
|
para 5 |
Tonnage tax profits: calculation in case of joint operation etc |
|
|
para 6 |
Measurement of tonnage of ship |
Part II Tonnage tax elections
|
para 7 |
Company or group election |
|
|
para 8 |
Method of making election |
|
|
para 9 |
Person by whom election to be made |
|
|
para 10 |
When election may be made |
|
|
para 11 |
Power to provide further opportunities for election |
|
|
para 12 |
When election takes effect |
|
|
para 13 |
Period for which election in force |
|
|
para 14 |
Effect of election ceasing to be in force |
|
|
para 15 |
Renewal election |
|
|
para 15A |
Withdrawal notices |
|
|
para 15B |
Power to provide further opportunities for withdrawal |
Part III Qualifying companies and groups
|
para 16 |
Qualifying companies and groups |
|
|
para 17 |
Effect of temporarily ceasing to operate qualifying ships |
|
|
para 18 |
Meaning of operating a ship |
|
|
para 19 |
Qualifying ships |
|
|
para 20 |
Vessels excluded from being qualifying ships |
|
|
Para 20A |
Qualifying dredgers and tugs |
|
|
para 21 |
Power to exclude other kinds of vessel |
|
|
para 22 |
Effect of change of use |
|
|
para 22A |
Rule for ships other than dredgers and tugs |
|
|
para 22B |
Meaning of terms used in paragraph 22A |
|
|
para 22C |
Provisions supplementing paragraphs 22A and 22B |
|
|
Para 22D |
Rule on first operation of qualifying dredger or tug |
|
|
Para 22E |
Rule on subsequent re-flagging of qualifying dredger or tug |
|
|
Para 22F |
Restrictions where dredger or tug ceases to be qualifying ship |
Part IV The training requirement
|
para 23 |
Introduction |
|
|
para 24 |
The minimum training obligation |
|
|
para 25 |
Meaning of "training commitment" |
|
|
para 26 |
Approval of initial training commitment |
|
|
para 27 |
Annual training commitment |
|
|
para 28 |
Supplementary provisions about training commitments |
|
|
para 29 |
Payments in lieu of training |
|
|
para 30 |
Monitoring of compliance with training commitment |
|
|
para 31 |
Higher rate of payment in case of failure to meet training commitment |
|
|
para 32 |
Certificate of non-compliance |
|
|
para 33 |
Certificates of non-compliance: supplementary provisions |
|
|
para 34 |
Disclosure of information |
|
|
para 35 |
Offences |
|
|
para 36 |
General provisions about regulations |
Part V Other requirements - The 75% limit : Not to enter into Tax avoidance
|
para 37 |
The requirement that not more than 75% of fleet tonnage is chartered in |
|
|
para 38 |
The 75% limit: election not effective if limit exceeded |
|
|
para 39 |
The 75% limit: exclusion of company if limit exceeded |
|
|
para 40 |
The 75% limit: exclusion of group if limit exceeded |
|
|
para 41 |
The requirement not to enter into tax avoidance arrangements |
|
|
para 42 |
Tax avoidance: exclusion from tonnage tax |
|
|
para 43 |
Appeals |
|
|
Para 43A |
Compliance with safety standards |
Part VI Relevant shipping profits
|
para 44 |
Introduction |
|
|
para 45 |
Tonnage tax activities |
|
|
para 46 |
Core qualifying activities |
|
|
para 47 |
Qualifying secondary activities |
|
|
para 48 |
Qualifying incidental activities |
|
|
para 49 |
Relevant shipping income: distributions of overseas shipping companies |
|
|
para 50 |
Relevant shipping income: certain interest etc |
|
|
para 51 |
General exclusion of investment income |
Part VII The ring fence: general provisions
|
para 52 |
Accounting period ends on entry or exit |
|
|
para 53 |
Tonnage tax trade |
|
|
para 54 |
Profits of controlled foreign companies |
|
|
para 55 |
General exclusion of reliefs, deductions and set-offs |
|
|
para 56 |
Exclusion of loss relief |
|
|
para 57 |
Exclusion of relief or set-off against tax liability |
|
|
para 58 |
Transactions not at arm's length: between tonnage tax company and another person |
|
|
para 59 |
Transactions not at arm's length: between tonnage tax trade and other activities of same company |
|
|
para 60 |
Transactions not at arm's length: duty to give notice |
|
|
para 61 |
Treatment of finance costs: single company |
|
|
para 62 |
Treatment of finance costs: group company |
|
|
para 63 |
Meaning of "finance costs" |
Part VIII Chargeable gains and allowable losses on tonnage tax assets
|
para 64 |
Chargeable gains: tonnage tax assets |
|
|
para 65 |
Chargeable gains: disposal of tonnage tax asset |
|
|
para 66 |
Chargeable gains: losses brought forward |
|
|
para 67 |
Chargeable gains: roll-over relief for business assets |
Part IX The ring fence: capital allowances: general
|
para 68 |
Introduction |
|
|
para 69 |
Entry: plant and machinery: assets to be used wholly for tonnage tax trade |
|
|
para 70 |
Entry: plant and machinery: assets to be used partly for tonnage tax trade |
|
|
para 71 |
Entry: ships acquired and disposed of within twelve months |
|
|
para 72 |
Entry: deferred balancing charge on disposal of ship |
|
|
para 73 |
During: plant and machinery: new expenditure partly for tonnage tax purposes |
|
|
para 74 |
During: plant and machinery: asset beginning to be used for tonnage tax trade |
|
|
para 75 |
During: plant and machinery: change of use of tonnage tax asset |
|
|
para 76 |
During: plant and machinery: change of use of non-tonnage tax asset |
|
|
para 77 |
During: plant and machinery: disposals |
|
|
para 78 |
During: plant and machinery: reduction of balancing charges |
|
|
para 79 |
During: plant and machinery: giving effect to balancing charge |
|
|
para 80 |
During: plant and machinery: deferment of balancing charge |
|
|
para 81 |
During: plant and machinery: surrender of unrelieved qualifying expenditure |
|
|
para 82 |
During: industrial buildings: mixed use |
|
|
para 83 |
During: industrial buildings: balancing charges |
|
|
para 84 |
During: industrial buildings: residue of qualifying expenditure |
|
|
para 85 |
Exit: plant and machinery |
|
|
para 86 |
Exit: industrial buildings |
|
|
para 87 |
Meaning of "not entitled to capital allowances" |
|
|
para 88 |
Interpretation |
Part X The ring fence: capital allowances: ship leasing
|
para 89 |
Introduction |
|
|
Para89A |
Quantitative restrictions not to apply to ordinary charters |
|
|
para 90 |
Defeased leasing |
|
|
para 91 |
Defeased leasing: excepted forms of security |
|
|
para 91A |
Long funding leases; conditions for alternative treatment |
|
|
para 91B |
Lease to tonnage tax company or group |
|
|
para 91C |
Tonnage tax company to operate qualifying ship |
|
|
para 91D |
Period and rate of sublease of qualifying ship |
|
|
para 91E |
Anti-avoidance |
|
|
para 91F |
Consequences of paragraph 91A(2) ceasing to have effect |
|
|
para 92 |
Sale and lease-back arrangements |
|
|
para 93 |
Certificates required to support claim by finance lessor |
|
|
para 94 |
Quantitative restrictions on allowances |
|
|
para 95 |
Quantitative restrictions: further provisions as to rate bands, limit and pooling |
|
|
para 96 |
Quantitative restrictions: meaning of "cost of providing ship" |
|
|
para 97 |
Quantitative restrictions: treatment of disposal proceeds |
|
|
para 98 |
Quantitative restrictions: change of circumstances bringing case within restrictions |
|
|
para 99 |
Quantitative restrictions: change of circumstances taking case out of restrictions |
|
|
para 100 |
Determination of tax written down value, etc |
|
|
para 101 |
Quantitative restrictions: power to alter amounts by regulations |
|
|
para 102 |
Exclusion of leases entered into on or before 23 December 1999 |
Part XI Special rules for offshore activities
|
para 103 |
Introduction |
|
|
para 104 |
Meaning of "offshore activities" |
|
|
para 105 |
Vessels to which special provisions do not apply |
|
|
para 106 |
Treatment of periods of inactivity |
|
|
para 107 |
Profits from offshore activities to be computed according to ordinary rules |
|
|
para 108 |
Application of ring fence provisions |
|
|
para 109 |
Chargeable gains from assets used for offshore activities |
|
|
para 110 |
Capital allowances: general |
|
|
para 111 |
Capital allowances: proportionate reduction of allowances |
|
|
para 112 |
Capital allowances: notional qualifying expenditure: existing assets |
|
|
para 113 |
Capital allowances: notional qualifying expenditure: new assets |
|
|
para 114 |
The training requirement |
|
|
para 115 |
Interpretation |
Part XII Groups, mergers and related matters
|
para 116 |
Meaning of "group" and "member of group" |
|
|
para 117 |
Companies treated as controlled by an individual |
|
|
para 118 |
Meaning of "control" |
|
|
para 119 |
Company not to be treated as member of more than one group |
|
|
para 120 |
Arrangements for dealing with group matters |
|
|
para 121 |
Meaning of "merger" and "demerger" |
|
|
para 122 |
Merger: between tonnage tax groups or companies |
|
|
para 123 |
Merger: tonnage tax group or company and qualifying non-tonnage tax group or company |
|
|
para 124 |
Merger: tonnage tax group or company and non-qualifying group or company |
|
|
para 125 |
Merger: non-qualifying group or company and qualifying non-tonnage tax group or company |
|
|
para 126 |
Meaning of "dominant party" in relation to merger |
|
|
para 127 |
Demerger: single company |
|
|
para 128 |
Demerger: group |
|
|
para 129 |
Duty to notify Inland Revenue of group changes |
Part XIII Application of provisions to partnerships
|
para 130 |
Introduction |
|
|
para 131 |
Calculation of partnership profits |
|
|
para 132 |
Qualifying partnerships |
|
|
para 133 |
Ships owned by or chartered to partners |
|
|
para 134 |
Transactions not at arm's length |
|
|
para 135 |
Adjustments for capital allowance purposes |
|
|
para 136 |
General |
Part XIV Withdrawal of relief etc. On company leaving tonnage tax
|
para 137 |
Introduction |
|
|
para 138 |
Exit charge: chargeable gains |
|
|
para 139 |
Exit charge: balancing charges |
|
|
para 140 |
Ten year disqualification from re-entry into tonnage tax |
|
|
para 141 |
Second or subsequent application of this Part |
Part XV Supplementary provisions
|
para 142 |
Meaning of "ship" |
|
|
para 143 |
Meaning of "on bareboat charter terms" |
|
|
para 144 |
Meaning of "associate" |
|
|
para 145 |
Exercise of functions conferred on "the Inland Revenue" |
|
|
para 146 |
Meaning of "company" and related expressions |
|
|
para 147 |
Index of defined expressions |
