TTM17000 - Schedule 22 Finance Act 2000: contents

 

 

Part I introductory

1. TTM17001

   Para 1 Tonnage Tax
2. TTM17006

   Para 2 Tonnage Tax companies and groups
3. TTM17011

   Para 3 profits of Tonnage Tax company
4. TTM17016

   Para 4 Tonnage Tax profits - method of calculation
5. TTM17021

   Para 5 Tonnage Tax profits - calculation in case of joint operation etc
6. TTM17026

   Para 6 measurement of tonnage of ship

Part II Tonnage Tax elections

1. TTM17031

   Para 7 company or group election
2. TTM17036

   Para 8 method of making election
3. TTM17041

   Para 9 person by whom election to be made
4. TTM17046

   Para 10 when election may be made
5. TTM17051

   Para 11 power to provide further opportunities for election
6. TTM17056

   Para 12 when election takes effect
7. TTM17061

   Para 13 period for which election in force
8. TTM17066

   Para 14 effect of election ceasing to be in force
9. TTM17071

   Para 15 renewal election
10. TTM17076

    Para 15A withdrawal notices
11. TTM17081

    Para 15B power to provide further opportunities for withdrawal

Part III qualifying companies and groups

1. TTM17086

   Para 16 qualifying companies and groups
2. TTM17091

   Para 17 effect of temporarily ceasing to operate qualifying ships
3. TTM17096

   Para 18 meaning of operating a ship
4. TTM17101

   Para 19 qualifying ships
5. TTM17106

   Para 20 vessels excluded from being qualifying ships
6. TTM17111

   Para 20A qualifying dredgers and tugs
7. TTM17116

   Para 21 power to exclude other kinds of vessel
8. TTM17121

   Para 22 effect of change of use
9. TTM17126

   Para 22A rule for ships other than dredgers and tugs
10. TTM17131

    Para 22B meaning of terms used in Paragraph 22A
11. TTM17136

    Para 22C provisions supplementing Paragraphs 22A and 22B
12. TTM17141

    Para 22D rule on first operation of qualifying dredger or tug
13. TTM17146

    Para 22E rule on subsequent re-flagging of qualifying dredger or tug
14. TTM17151

    Para 22F restrictions where dredger or tug ceases to be qualifying ship

Part IV the training requirement

1. TTM17156

   Para 23 introduction
2. TTM17161

   Para 24 the minimum training obligation
3. TTM17166

   Para 25 meaning of ‘training commitment’
4. TTM17171

   Para 26 approval of initial training commitment
5. TTM17176

   Para 27 annual training commitment
6. TTM17181

   Para 28 supplementary provisions about training commitments
7. TTM17186

   Para 29 payments in lieu of training
8. TTM17191

   Para 30 monitoring of compliance with training commitment
9. TTM17196

   Para 31 higher rate of payment in case of failure to meet training commitment
10. TTM17201

    Para 32 certificate of non-compliance
11. TTM17206

    Para 33 certificates of non-compliance - supplementary provisions
12. TTM17211

    Para 34 disclosure of information
13. TTM17216

    Para 35 offences
14. TTM17221

    Para 36 general provisions about regulations

Part V other requirements

1. TTM17226

   Para 37 the requirement that not more than 75 per cent of fleet tonnage is chartered in
2. TTM17231

   Para 38 the 75 per cent limit - election not effective if limit exceeded
3. TTM17236

   Para 39 the 75 per cent limit - exclusion of company if limit exceeded
4. TTM17241

   Para 40 the 75 per cent limit - exclusion of group if limit exceeded
5. TTM17246

   Para 41 the requirement not to enter into tax avoidance arrangements
6. TTM17251

   Para 42 tax avoidance - exclusion from tonnage tax
7. TTM17256

   Para 43 appeals
8. TTM17258

   Para 43A compliance with safety standards

Part VI relevant shipping profits

1. TTM17261

   Para 44 introduction
2. TTM17266

   Para 45 Tonnage Tax activities
3. TTM17271

   Para 46 core qualifying activities
4. TTM17276

   Para 47 qualifying secondary activities
5. TTM17281

   Para 48 qualifying incidental activities
6. TTM17286

   Para 49 relevant shipping income - distributions of overseas shipping companies
7. TTM17291

   Para 50 relevant shipping income - certain interest etc
8. TTM17296

   Para 51 general exclusion of investment income

Part VII the ring fence

1. TTM17301

   Para 52 accounting period ends on entry or exit
2. TTM17306

   Para 53 Tonnage Tax trade
3. TTM17311

   Para 54 profits of controlled foreign companies
4. TTM17316

   Para 55 general exclusion of reliefs, deductions and set-offs
5. TTM17321

   Para 56 exclusion of loss relief
6. TTM17326

   Para 57 exclusion of relief or set-off against tax liability
7. TTM17331

   Para 58 transactions not at arm's length - between Tonnage Tax company and another person
8. TTM17336

   Para 59 transactions not at arm's length - between Tonnage Tax trade and other activities of same company
9. TTM17341

   Para 60 transactions not at arm's length - duty to give notice
10. TTM17346

    Para 61 treatment of finance costs - single company
11. TTM17351

    Para 62 treatment of finance costs - group company
12. TTM17356

    Para 63 meaning of 'finance costs'

Part VIII chargeable gains and allowable losses on Tonnage Tax assets

1. TTM17361

   Para 64 chargeable gains - Tonnage Tax assets
2. TTM17366

   Para 65 chargeable gains - disposal of Tonnage Tax asset
3. TTM17371

   Para 66 chargeable gains - losses brought forward
4. TTM17376

   Para 67 chargeable gains - roll-over relief for business assets

Part IX the ring fence - capital allowances

1. TTM17381

   Para 68 introduction
2. TTM17386

   Para 69 entry - plant and machinery - assets to be used wholly for Tonnage Tax trade
3. TTM17391

   Para 70 entry - plant and machinery - assets to be used partly for Tonnage Tax trade
4. TTM17396

   Para 71 entry - ships acquired and disposed of within twelve months
5. TTM17401

   Para 72 entry - deferred balancing charge on disposal of ship
6. TTM17406

   Para 73 during - plant and machinery - new expenditure partly for Tonnage Tax purposes
7. TTM17411

   Para 74 during - plant and machinery - asset beginning to be used for Tonnage Tax trade
8. TTM17416

   Para 75 during - plant and machinery - change of use of Tonnage Tax asset
9. TTM17421

   Para 76 during - plant and machinery - change of use of non-Tonnage Tax asset
10. TTM17426

    Para 77 during - plant and machinery - disposals
11. TTM17431

    Para 78 during - plant and machinery - reduction of balancing charges
12. TTM17436

    Para 79 during - plant and machinery - giving effect to balancing charge
13. TTM17441

    Para 80 during - plant and machinery - deferment of balancing charge
14. TTM17446

    Para 81 during - plant and machinery - surrender of unrelieved qualifying expenditure
15. TTM17451

    Para 82 during - industrial buildings - mixed use
16. TTM17456

    Para 83 during - industrial buildings - balancing charges
17. TTM17461

    Para 84 during - industrial buildings - residue of qualifying expenditure
18. TTM17466

    Para 85 exit - plant and machinery
19. TTM17471

    Para 86 exit - industrial buildings
20. TTM17476

    Para 87 meaning of 'not entitled to capital allowances'
21. TTM17481

    Para 88 interpretation

Part X the ring fence - capital allowances - ship leasing

1. TTM17486

   Para 89 introduction
2. TTM17491

   Para 89A quantitative restrictions not to apply to ordinary charters
3. TTM17496

   Para 90 defeased leasing
4. TTM17501

   Para 91 defeased leasing - excepted forms of security
5. TTM17506

   Para 91A long funding leases; conditions for alternative treatment
6. TTM17511

   Para 91B lease to Tonnage Tax company or group
7. TTM17516

   Para 91C Tonnage Tax company to operate qualifying ship
8. TTM17521

   Para 91D Period and rate of sublease of qualifying ship
9. TTM17526

   Para 91E anti-avoidance
10. TTM17531

    Para 91F consequences of Paragraph 91A(2) ceasing to have effect
11. TTM17536

    Para 92 sale and lease-back arrangements
12. TTM17541

    Para 93 certificates required to support claim by finance lessor
13. TTM17546

    Para 94 quantitative restrictions on allowances
14. TTM17551

    Para 95 quantitative restrictions - further provisions as to rate bands, limit and pooling
15. TTM17556

    Para 96 quantitative restrictions - meaning of 'cost of providing ship'
16. TTM17561

    Para 97 quantitative restrictions - treatment of disposal proceeds
17. TTM17566

    Para 98 quantitative restrictions - change of circumstances bringing case within restrictions
18. TTM17571

    Para 99 quantitative restrictions - change of circumstances taking case out of restrictions
19. TTM17576

    Para 100 determination of tax written down value, etc
20. TTM17581

    Para 101 quantitative restrictions - power to alter amounts by regulations
21. TTM17586

    Para 102 exclusion of leases entered into on or before 23 December 1999

Part XI offshore activities

1. TTM17591

   Para 103 introduction
2. TTM17596

   Para 104 meaning of 'offshore activities'
3. TTM17601

   Para 105 vessels to which special provisions do not apply
4. TTM17606

   Para 106 treatment of periods of inactivity
5. TTM17611

   Para 107 profits from offshore activities to be computed according to ordinary rules
6. TTM17616

   Para 108 application of ring fence provisions
7. TTM17621

   Para 109 chargeable gains from assets used for offshore activities
8. TTM17626

   Para 110 capital allowances - general
9. TTM17631

   Para 111 capital allowances - proportionate reduction of allowances
10. TTM17636

    Para 112 capital allowances - notional qualifying expenditure - existing assets
11. TTM17641

    Para 113 capital allowances - notional qualifying expenditure - new assets
12. TTM17646

    Para 114 the training requirement
13. TTM17651

    Para 115 interpretation

Part XII groups

1. TTM17656

   Para 116 meaning of 'group' and 'member of group'
2. TTM17661

   Para 117 companies treated as controlled by an individual
3. TTM17666

   Para 118 meaning of 'control'
4. TTM17671

   Para 119 company not to be treated as member of more than one group
5. TTM17676

   Para 120 arrangements for dealing with group matters
6. TTM17681

   Para 121 meaning of 'merger' and 'demerger'
7. TTM17686

   Para 122 merger - between Tonnage Tax groups or companies
8. TTM17691

   Para 123 merger - Tonnage Tax group or company and qualifying non-Tonnage Tax group or company
9. TTM17696

   Para 124 merger - Tonnage Tax group or company and non-qualifying group or company
10. TTM17701

    Para 125 merger - non-qualifying group or company and qualifying non-Tonnage Tax group or company
11. TTM17706

    Para 126 meaning of 'dominant party' in relation to merger
12. TTM17711

    Para 127 demerger - single company
13. TTM17716

    Para 128 demerger - group
14. TTM17721

    Para 129 duty to notify Inland Revenue of group changes

Part XIII partnerships

1. TTM17726

   Para 130 introduction
2. TTM17731

   Para 131 calculation of partnership profits
3. TTM17736

   Para 132 qualifying partnerships
4. TTM17741

   Para 133 ships owned by or chartered to partners
5. TTM17746

   Para 134 transactions not at arm's length
6. TTM17751

   Para 135 adjustments for capital allowance purposes
7. TTM17756

   Para 136 general

Part XIV leaving Tonnage Tax

1. TTM17761

   Para 137 introduction
2. TTM17766

   Para 138 exit charge - chargeable gains
3. TTM17771

   Para 139 exit charge - balancing charges
4. TTM17776

   Para 140 ten year disqualification from re-entry into Tonnage Tax
5. TTM17781

   Para 141 second or subsequent application of this Part

Part XV supplementary provisions

1. TTM17786

   Para 142 meaning of 'ship'
2. TTM17791

   Para 143 meaning of 'on bareboat charter terms'
3. TTM17796

   Para 144 meaning of 'associate'
4. TTM17801

   Para 145 exercise of functions conferred on 'the Inland Revenue'
5. TTM17806

   Para 146 meaning of 'company' and related expressions
6. TTM17811

   Para 147 index of defined expressions