TTM07010 - The ring fence: Outline: Accounting periods

An accounting period must end when a company enters or leaves tonnage tax.  The last day of the old AP will be either the final day before the company enters tonnage tax, or the final day before leaving tonnage tax.

Entry

An election made during a further window of opportunity, see TTM02180, will normally take effect from the start of the accounting period in which it is made, even if the company or group were not then a qualifying company, see TTM02200.

An accounting period will come to an end (if it would not otherwise do so):
 

• When an election comes into effect for a company or group which becomes qualifying after 27 July 2001, see TTM02260;
• When an election is comes into effect, or is deemed to have come into effect, following a merger, see TTM12300.

Exit

An accounting period will come to an end (if it would not otherwise do so) on the day that a company leaves tonnage tax; for example, when it ceases to operate any qualifying ships, and has not given notice under FA00/SCH22/PARA17, see TTM03050.

References

FA00/SCH22/PARA52 (accounting period ends on entry or exit)

TTM17301