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of <h1>Tonnage tax treatment on amalgamation and demerger: opt-in within three months, inherit longest remaining option period</h1> On amalgamation, the tonnage tax rules apply to the amalgamated company if it qualifies; if it is not a tonnage tax company it must opt into the scheme within three months of scheme approval. If the merging entities were under tonnage tax, the amalgamated company is governed by the longest remaining option period. A qualifying company as of 1 Oct 2004 that did not opt by 1 Jan 2005 is excluded from these provisions and its shipping income is taxed under general rules. On demerger, the resulting qualifying company inherits the unexpired tonnage tax period and the demerged company's option remains in force for that unexpired period.
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