TTM14220 - Exiting tonnage tax: Effects of exiting tonnage tax regime
Exit charge: Balancing charges
Where:
- for an accounting period ending not more than six years before the day on which the company ceased to be a tonnage tax company, and
- a balancing charge has been wholly or partially reduced by the balancing charge phase-out relief in FA00/SCH22/PARA78,
then the total of all such reductions is assessed as additional profits chargeable to Corporation Tax immediately before it ceased to be a tonnage tax company (PARA139); that is, the final tonnage tax accounting period.
No relief, deduction or set-off of any description is allowed against those profits or the Corporation Tax on them (PARA139 (5)).
References
| FA00/SCH22/PARA139 (exit charge: balancing charges) | TTM17771 |
| Exit charge: General | TTM14200 |