TTM17431 - Schedule 22 Finance Act 2000: Part IX the ring fence - capital allowances - Para 78 during - plant and machinery - reduction of balancing charges
FA00/SCH22/PARA78
(1) The amount of any balancing charge under this Part of this Schedule is reduced by reference to the number of whole years the company has been subject to tonnage tax at the time of the disposal event giving rise to the charge.
(2) The following table shows the percentage reduction:
| Number of years | Percentage reduction |
|---|---|
| 1 | 15% |
| 2 | 30% |
| 3 | 45% |
| 4 | 60% |
| 5 | 75% |
| 6 | 90% |
| 7 or more | 100% |
References
Reduction of balancing charges arising during Tonnage Tax TTM09210