Part 1 Amendments of Schedule 22 to FA 2000
Finance Act 2005 (2005 c 7) | Legislation

SCHEDULE 7 Tonnage Tax

Section 93

Part 1 Amendments of Schedule 22 to FA 2000

Introduction

1

Schedule 22 to FA 2000 shall be amended as follows.

Period for which election is in force

2

(1)     Paragraph 13 is amended as follows.

(2)     After sub-paragraph (2) insert—

“(2A)     A tonnage tax election ceases to be in force—

(a)     in the case of a company election, if a withdrawal notice in respect of the company takes effect under paragraph 15A;

(b)     in the case of a group election, if a withdrawal notice in respect of the group takes effect under that paragraph.â€.

Withdrawal notices

3

After paragraph 15 (and before Part 3) insert—

“Withdrawal notices
15A

(1)     A withdrawal notice (see paragraph 13(2A)) may be given—

(a)     in respect of a single company, or

(b)     in respect of a group,

but only if the following conditions are met.

(2)     Condition 1 is that the notice is given during the period—

(a)     beginning with the day on which the Finance Act 2005 is passed, and

(b)     ending with 31st March 2006.

(3)     Condition 2 is that,

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