TTM14010 - Exiting tonnage tax: Types of exit

Expiry of election

An election into tonnage tax is for a minimum period of eight years. At the end of that period the company or group will leave tonnage tax. For a company, the date will be eight years from the election first taking effect (FA00/SCH22/PARA13 (1)(a)). For a group, the date will be eight years from the first day the election took effect for any group company (PARA13 (1)(b)).

The election period was reduced from ten years to eight by FA22/S25 (3) for elections made on or after 1 April 2022.

References

FA00/SCH22/PARA13 (period for which election is in force)	TTM17061
Period for which election is in force	TTM02500