in

What is tonnage tax?

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

ย 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.

ย 

Share this:

Written by Ship Inspection

Leave a Reply

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?