Tonnage tax scheme: amalgamated companies may inherit or opt into the scheme; longest unexpired option governs continuity. Where companies amalgamate, the tonnage tax scheme applies to the amalgamated company if it is a qualifying company. If the amalgamated company is not a ... Summary
Tonnage tax scheme: amalgamated companies may inherit or opt into the scheme; longest unexpired option governs continuity.
Where companies amalgamate, the tonnage tax scheme applies to the amalgamated company if it is a qualifying company. If the amalgamated company is not a tonnage tax company it must opt into the scheme under section 115VP(1) within three months of scheme approval. If the amalgamating companies were tonnage tax companies, the Chapter applies to the amalgamated company for the duration of the longest unexpired option. A company qualifying on 1 October 2004 that did not exercise the initial option will not attract the Chapter and its shipping income is computed under other provisions.
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