Tonnage Tax
The UK tonnage tax (TT) regime provides an alternative method for qualifying shipping companies to calculate their corporation tax. The tonnage tax regime also dictates the level of chargeable gains or losses arising on the disposal of tonnage tax assets. In other words, tonnage tax profit replaces both the tax-adjusted commercial profit/loss on a shipping trade and the chargeable gains/losses made on tonnage tax assets. Other profits of a tonnage tax company are taxable in the normal way.
There are numerous conditions concerning entry into the regime, compliance with the regulations whilst within the regime, and consequences of exiting from the regime. The AAB corporate tax professionals are able to give expert support and advice on national and international tonnage tax facilities for our corporate clients
- Establishing whether the company or group qualifies for the regime.
- Advice regarding strategic and commercial management issues including flagging of vessels, chartered-in tonnage and the training requirements.
- Guidance on qualifying vessels and companies/groups.
- Calculation of relevant shipping profits incorporating chargeable gains/losses, capital allowances, finance costs and group relief issues.
- Advice on the consequences of acquisition and disposal of tonnage tax assets.
More Information
If you would like to know more, contact:
Neil Dinnes This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Alyson Sutcliffe This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Or call 01224 625111.