TTM20024 - S I 1449/2005

STATUTORY INSTRUMENTS 2005 No. 1449 TONNAGE TAX

The Tonnage Tax (Further Opportunity for Election) Order 2005

Made 06/06/2005
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Laid before the House of Commons 06/06/2005
Coming into force 1st July 2005

The Treasury, in exercise of the powers conferred upon them by paragraph 11 of Schedule 22 to the Finance Act 2000( ), make the following Order:

Citation and commencement

  1. This Order may be cited as the Tonnage Tax (Further Opportunity for Election) Order 2005 and shall come into force on 2005.Further opportunity for election to tonnage tax

  2. A tonnage tax election may be made at any time during the period beginning on 1st July 2005 and ending on 31st December 2006 (ā€œthe further periodā€).

  3. (1) In the case of a tonnage tax election made during the further period, paragraph 12 of Schedule 22 to the Finance Act 2000 (when a tonnage tax election takes effect) is adapted as follows.(2) In sub-paragraph (2)ā€”

(a) after ā€œA tonnage tax electionā€ insert ā€œmade during the further periodā€; and

(b) for ā€œ1st January 2000ā€ substitute ā€œ1st January 2005ā€.(3) In sub-paragraph (3) ā€”

(a) for ā€œbefore the end of the initial periodā€ substitute ā€œduring the further periodā€; and

(b) for ā€œ1st January 2000ā€ substitute ā€œ1st January 2005ā€.(4) In sub-paragraph (4) for ā€œbefore the end of the initial periodā€ substitute ā€œduring the further periodā€.

(5) At the end of the paragraph addā€”

ā€œ(7) In this paragraph ā€œthe further periodā€ means the period provided for by article 2 of the Tonnage Tax (Further Opportunity for Election) Order 2005 (S.I. 2005/xxxx).ā€.

A. Commissioner

A.N. OtherMay 2005 Two of the Lords Commissioners of Her Majestyā€™s Treasury

EXPLANATORY NOTE

(This note is not part of the Order)

This Order provides a further opportunity the making of tonnage tax elections under Schedule 22 to the Finance Act 2000 c. 17).

Article 1 provides for the citation and commencement of the Order.

Article 2 provides a further period during which tonnage tax elections may be made.

Article 3 adapts Schedule 22 where a tonnage tax election is made by virtue of Article 2 of this Order.

This Order does not impose new costs on business.