Tonnage tax changes – Specialist Ships
HMRC have clarified the position for those companies that have elected to have their corporation tax profits from the maritime transport activities of qualifying ships calculated under the rules of Tonnage Tax.
The rules in tonnage tax on where ships are registered ("flagging rules") will be applied at a company or group level in fiscal year 2010. Andcompanies starting to operate a ship for the first time will have to carry out an additional test to see if the ship qualifies for Tonnage Tax. Companies may find that some ships which are not registered in an EU or EEA Member State, do not qualify for Tonnage Tax.