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What is tonnage tax?

A scheme introduced by the UK Government in 2002 to attract foreign owners to the UK flag.

 Companies opting into the regime can calculate their taxable profits from qualifying shipping activities by reference to the tonnage of their sea-going ships rather than according to their actual business results (like most other businesses). Details can be found in the MCA’s UK Registration booklet downloadable from the MCA website.

 

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A ship is flagging-in to the UK register. What changes in the ship’s statutory documentation will be required?

Where can a shipowner or manager find guidance on flagging-in to the UK register?