Part 1Income tax and corporation tax
Chapter 1Reliefs for businesses etc
Tonnage tax
9Managers of ships
Schedule 8 amends Schedule 22 to FA 2000 to make provision to enable companies, and groups of companies, that manage qualifying ships to make a tonnage tax election (so that their profits for the purposes of corporation tax are calculated in accordance with the tonnage tax regime).
10Increase in capital allowances limit for ship leasing
1
Paragraph 94 of Schedule 22 to FA 2000 (tonnage tax: restrictions on capital allowances) is amended as follows.
2
In sub-paragraph (3), for “£40 million”, in both places it occurs, substitute “£100 million”
.
3
In sub-paragraph (5), for “£80 million” substitute “£200 million”
.
4
The amendments made by subsections (2) and (3) have effect in relation to leases entered into on or after 1 April 2024.