TTM17000 - Schedule 22 Finance Act 2000

Table of contents - FA00/SCH22

Part IIntroductory
TTM17001

para 1

Tonnage tax
TTM17002para 2Tonnage tax companies and groups
TTM17003para 3Profits of tonnage tax company
TTM17004para 4Tonnage tax profits: method of calculation
TTM17005para 5Tonnage tax profits: calculation in case of joint operation etc
TTM17006para 6Measurement of tonnage of ship



Part II
Tonnage tax elections
TTM17007para 7Company or group election
TTM17008para 8Method of making election
TTM17009para 9Person by whom election to be made
TTM17010para 10When election may be made
TTM17011para 11Power to provide further opportunities for election
TTM17012para 12When election takes effect
TTM17013para 13Period for which election in force
TTM17014para 14Effect of election ceasing to be in force
TTM17015para 15Renewal election



Part III
Qualifying companies and groups
TTM17016para 16Qualifying companies and groups
TTM17017para 17Effect of temporarily ceasing to operate qualifying ships
TTM17018para 18Meaning of operating a ship
TTM17019para 19Qualifying ships
TTM17020para 20Vessels excluded from being qualifying ships
TTM17021para 21Power to exclude other kinds of vessel
TTM17022para 22Effect of change of use



Part IV
The training requirement
TTM17023para 23 Introduction
TTM17024para 24The minimum training obligation
TTM17025para 25Meaning of "training commitment"
TTM17026para 26Approval of initial training commitment
TTM17027para 27Annual training commitment
TTM17028para 28Supplementary provisions about training commitments
TTM17029para 29Payments in lieu of training
TTM17030para 30Monitoring of compliance with training commitment
TTM17031para 31Higher rate of payment in case of failure to meet training commitment
TTM17032para 32Certificate of non-compliance
TTM17033para 33Certificates of non-compliance: supplementary provisions
TTM17034para 34Disclosure of information
TTM17035para 35Offences
TTM17036para 36General provisions about regulations



Part V
Other requirements
TTM17037para 37The requirement that not more than 75% of fleet tonnage is chartered in
TTM17038para 38The 75% limit: election not effective if limit exceeded
TTM17039para 39The 75% limit: exclusion of company if limit exceeded
TTM17040para 40The 75% limit: exclusion of group if limit exceeded
TTM17041para 41The requirement not to enter into tax avoidance arrangements
TTM17042para 42Tax avoidance: exclusion from tonnage tax
TTM17043para 43Appeals



Part VI
Relevant shipping profits
TTM17044para 44 Introduction
TTM17045para 45Tonnage tax activities
TTM17046para 46Core qualifying activities
TTM17047para 47Qualifying secondary activities
TTM17048para 48Qualifying incidental activities
TTM17049para 49Relevant shipping income: distributions of overseas shipping companies
TTM17050para 50Relevant shipping income: certain interest etc
TTM17051para 51General exclusion of investment income



Part VII
The ring fence: general provisions
TTM17052para 52Accounting period ends on entry or exit
TTM17053para 53Tonnage tax trade
TTM17054para 54Profits of controlled foreign companies
TTM17055para 55General exclusion of reliefs, deductions and set-offs
TTM17056para 56Exclusion of loss relief
TTM17057para 57Exclusion of relief or set-off against tax liability
TTM17058para 58Transactions not at arm's length: between tonnage tax company and another person
TTM 17059para 59Transactions not at arm's length: between tonnage tax trade and other activities of same company
TTM17060para 60Transactions not at arm's length: duty to give notice
TTM17061para 61Treatment of finance costs: single company
TTM17062para 62Treatment of finance costs: group company
TTM17063para 63Meaning of "finance costs"



Part VIII
Chargeable gains and allowable losses on tonnage tax assets
TTM17064para 64Chargeable gains: tonnage tax assets
TTM17065para 65Chargeable gains: disposal of tonnage tax asset
TTM17066para 66Chargeable gains: losses brought forward
TTM17067para 67Chargeable gains: roll-over relief for business assets



Part IX
The ring fence: capital allowances: general
TTM17068para 68 Introduction
TTM17069para 69Entry: plant and machinery: assets to be used wholly for tonnage tax trade
TTM17070para 70Entry: plant and machinery: assets to be used partly for tonnage tax trade
TTM17071para 71Entry: ships acquired and disposed of within twelve months
TTM17072para 72Entry: deferred balancing charge on disposal of ship
TTM17073para 73During: plant and machinery: new expenditure partly for tonnage tax purposes
TTM17074para 74During: plant and machinery: asset beginning to be used for tonnage tax trade
TTM17075para 75During: plant and machinery: change of use of tonnage tax asset
TTM17076para 76During: plant and machinery: change of use of non-tonnage tax asset
TTM17077para 77During: plant and machinery: disposals
TTM17078para 78During: plant and machinery: reduction of balancing charges
TTM17079para 79During: plant and machinery: giving effect to balancing charge
TTM17080para 80During: plant and machinery: deferment of balancing charge
TTM17081para 81During: plant and machinery: surrender of unrelieved qualifying expenditure
TTM17082para 82During: industrial buildings: mixed use
TTM17083para 83During: industrial buildings: balancing charges
TTM17084para 84During: industrial buildings: residue of qualifying expenditure
TTM17085para 85Exit: plant and machinery
TTM17086para 86Exit: industrial buildings
TTM17087para 87Meaning of "not entitled to capital allowances"
TTM17088para 88 Interpretation



Part X
The ring fence: capital allowances: ship leasing
TTM17089para 89 Introduction
TTM17090para 90Defeased leasing
TTM17091para 91Defeased leasing: excepted forms of security
TTM17092para 92Sale and lease-back arrangements
TTM17093para 93Certificates required to support claim by finance lessor
TTM17094para 94Quantitative restrictions on allowances
TTM17095para 95Quantitative restrictions: further provisions as to rate bands, limit and pooling
TTM17096para 96Quantitative restrictions: meaning of "cost of providing ship"
TTM17097para 97Quantitative restrictions: treatment of disposal proceeds
TTM17098para 98Quantitative restrictions: change of circumstances bringing case within restrictions
TTM17099para 99Quantitative restrictions: change of circumstances taking case out of restrictions
TTM17100para 100Determination of tax written down value, etc
TTM17101para 101Quantitative restrictions: power to alter amounts by regulations
TTM17102para 102Exclusion of leases entered into on or before 23 December 1999



Part XI
Special rules for offshore activities
TTM17103para 103 Introduction
TTM17104para 104Meaning of "offshore activities"
TTM17105para 105Vessels to which special provisions do not apply
TTM17106para 106Treatment of periods of inactivity
TTM17107para 107Profits from offshore activities to be computed according to ordinary rules
TTM17108para 108Application of ring fence provisions
TTM17109para 109Chargeable gains from assets used for offshore activities
TTM17110para 110Capital allowances: general
TTM17111para 111Capital allowances: proportionate reduction of allowances
TTM17112para 112Capital allowances: notional qualifying expenditure: existing assets
TTM17113para 113Capital allowances: notional qualifying expenditure: new assets
TTM17114para 114The training requirement
TTM17115para 115 Interpretation



Part XII
Groups, mergers and related matters
TTM17116para 116Meaning of "group" and "member of group"
TTM17117para 117Companies treated as controlled by an individual
TTM17118para 118Meaning of "control"
TTM17119para 119Company not to be treated as member of more than one group
TTM17120para 120Arrangements for dealing with group matters
TTM17121para 121Meaning of "merger" and "demerger"
TTM17122para 122Merger: between tonnage tax groups or companies
TTM17123para 123Merger: tonnage tax group or company and qualifying non-tonnage tax group or company
TTM17124para 124Merger: tonnage tax group or company and non-qualifying group or company
TTM17125para 125Merger: non-qualifying group or company and qualifying non-tonnage tax group or company
TTM17126para 126Meaning of "dominant party" in relation to merger
TTM17127para 127Demerger: single company
TTM17128para 128Demerger: group
TTM17129para 129Duty to notify Inland Revenue of group changes



Part XIII
Application of provisions to partnerships
TTM17130para 130 Introduction
TTM17131para 131Calculation of partnership profits
TTM17132para 132Qualifying partnerships
TTM17133para 133Ships owned by or chartered to partners
TTM17134para 134Transactions not at arm's length
TTM17135para 135Adjustments for capital allowance purposes
TTM17136para 136General



Part XIV
Withdrawal of relief etc. On company leaving tonnage tax
TTM17137para 137 Introduction
TTM17138para 138Exit charge: chargeable gains
TTM17139para 139Exit charge: balancing charges
TTM17140para 140Ten year disqualification from re-entry into tonnage tax
TTM17141para 141Second or subsequent application of this Part



Part XV
Supplementary provisions
TTM17142para 142Meaning of "ship"
TTM17143para 143Meaning of "on bareboat charter terms"
TTM17144para 144Meaning of "associate"
TTM17145para 145Exercise of functions conferred on "the Inland Revenue"
TTM17146para 146Meaning of "company" and related expressions
TTM17147para 147Index of defined expressions



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