Finance Bill - continued        House of Commons
SCHEDULE 22, TONNAGE TAX - continued

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Meaning of "ship"
     142. In this Schedule "ship" means any vessel used in navigation, and includes a hovercraft.
Meaning of "on bareboat charter terms"
     143. In this Schedule a charter "on bareboat charter terms" means a hiring of a ship for a stipulated period on terms which give the charterer possession and control of the ship, including the right to appoint the master and crew.
Meaning of "associate"
     144. - (1) In this Schedule "associate", in relation to an individual, means-
    (a) a relative of that individual;
    (b) a partner of that individual;
    (c) the trustee or trustees of any settlement in relation to which-
      (i) that individual, or
      (ii) any relative (whether living or dead) of that individual,
      is or was a settlor;
    (d) where that individual is interested in any shares or obligations of a company that are subject to a trust, the trustee or trustees of the settlement concerned;
    (e) where that individual is interested in any shares or obligations of a company that are part of the estate of a deceased person, the personal representatives of the deceased.
      (2) In sub-paragraph (1)(a) and (c)(ii) "relative" means husband or wife, parent or remoter forebear, child or remoter issue, or brother or sister.
  Section 831(4) of the Taxes Act 1988 applies for the purposes of this paragraph as it applies for the purposes of that Act.
      (3) In sub-paragraph (1)(c) and (d) "settlement" and "settlor" have the same meaning as in Chapter IA of Part XV of the Taxes Act 1988 (see section 660G(1) and (2) of that Act).
Exercise of functions conferred on "the Inland Revenue"
     145. - (1) Any power to make regulations conferred by this Schedule on "the Inland Revenue" is exercisable only by the Board.
      (2) Subject to that, references in this Schedule to "the Inland Revenue" are to any officer of the Board.
Meaning of "company" and related expressions
     146. In this Schedule-
    "company" means a body corporate or unincorporated association, but does not include a partnership;
    "controlled foreign company" has the same meaning as in Chapter IV of Part XVII of the Taxes Act 1988 (tax avoidance: controlled foreign companies);
    "single company" means a company that is not a member of a group.
Index of defined expressions
     147. In this Schedule the following expressions are defined or otherwise explained by the provisions indicated:
associate (of an individual)
paragraph 144
bareboat charter terms
paragraph 143
capital allowances (in Part IX)
paragraph 88(1)
certificate of non-compliance (with training requirement)
paragraph 32
paragraph 146
company election
paragraph 7(1)(a)
paragraph 118 (and see paragraph 117)
controlled foreign company
paragraph 146
core qualifying activities
paragraph 46
cost of providing the ship (in Part X)
paragraph 96
paragraph 121(1)
dominant party (in relation to a merger)
paragraph 126
entering (or leaving) tonnage tax
paragraph 2(2)
finance costs (in paragraphs 61 and 62)
paragraph 63
finance lease (and lessor and lessee) (in Part X)
paragraph 89(2)
paragraph 116
group election
paragraph 7(1)(b)
initial period
paragraph 10(1) (and see paragraph 11(2))
Inland Revenue
paragraph 145
leaving (or entering) tonnage tax
paragraph 2(2)
member of group
paragraph 116
paragraph 121(1)
minimum training obligation
paragraph 24
offshore activities (in Part XI)
paragraph 104
offshore profits (in Part XI)
paragraph 107(1)
payments in lieu of training
paragraph 29
pooling and related expressions (in Parts IX, X and XI)
paragraph 88(2) and (3)
operating (a ship)
paragraph 18
qualifying activity and qualifying expenditure (in Parts IX, X and XI)
paragraph 88(1)
qualifying company
paragraph 16(1) (and see paragraph 17)
qualifying group
paragraph 16(2)
qualifying incidental activities
paragraph 48
qualifying secondary activities
paragraph 47
qualifying ship
paragraphs 19 to 22
relevant shipping income
paragraph 44(2)
relevant shipping profits
paragraph 44(1) (and see paragraph 108(2))
renewal election
paragraph 15(1)
the 75% limit (on chartered-in tonnage)
paragraph 37
paragraph 142
single company
paragraph 146
subject to tonnage tax
paragraph 2(2)
paragraph 6(1)
tonnage tax
paragraph 1(1)
tonnage tax activities
paragraph 45 (and see paragraph 108(1))
tonnage tax asset (in Parts VIII and XI)
paragraph 64
tonnage tax company
paragraph 2(1)
tonnage tax election
paragraph 1(2) (and see Part II)
tonnage tax group
paragraph 2(1)
tonnage tax pool (in Part IX)
paragraph 69
tonnage tax profits
paragraphs 3 to 5 (and see Part XI)
tonnage tax trade
paragraph 53(1)
training commitment
paragraph 25 (and see paragraphs 27(4) and (5) and 28(2))
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