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International - Tonnage Tax

Following extensive consultation the Tonnage Tax - an optional regime for shipping companies - was introduced into the UK tax system as part of Finance Act 2000. The provisions implementing the regime form part of the Government's wider policy to bring about a reversal in the decline of the UK fleet and have been widely welcomed by the shipping industry.

Treasury Orders have been made to provide:

The estimated cost of tonnage tax has been revised. The revised estimates are:

 
  £m
2000 - 01 (actual) 12.8
2001 - 02 (actual) 39.1
2002 - 03 (actual) 38.1
2003 - 04 (provisional) 30.1

These represent the difference between the corporation tax payable on tonnage tax profits and an estimate of the tax that would have been payable on the shipping activities of tonnage tax companies that chose to elect into the regime when it was introduced.