The Tonnage Tax (Further Opportunity for Election) Order 2023
Schedule 22 of the Finance Act 2000 provides an alternative regime (“tonnage tax”) for calculating the profits of a shipping company for the purposes of corporation tax. Paragraph 1(2) of that Schedule provides that the tonnage tax regime applies only if an election to that effect (“a tonnage tax election”) is made. The rules as to the making of a tonnage tax election are contained at Part 2 of Schedule 22.