Legislation – Finance Act 2024
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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.