UK CHAMBER OF SHIPPING ANNUAL REVIEW 2012-2013


TONNAGE TAX S


Successful


stewardship of the tonnage tax regime is vital


for the continued success of the UK shipping


industry – and an important part of the UK Chamber’s ongoing work Tim Reardon,


Head of Taxation, Ferry and Cruise


tability is a vital factor in ensuring the UK’s tonnage tax regime continues to be a success for the UK shipping


industry. The tonnage tax requires shipping companies to make a 10-year commitment to the regime and, in return, companies expect a reciprocal period of stability with no material changes during that period. Stewardship of the tonnage tax is therefore a key issue, with the UK Chamber working hard with HM Revenue & Customs (HMRC), the Treasury and the Department for Transport (DfT), as well as at EU level, to ensure that stability is maintained. The importance of the tonnage tax


to the resurgence of the UK shipping industry cannot be overestimated.


12 CHAMPIONING AND PROTECTING


STILL WATERS RUN DEEP


Since it was introduced in 2000, the UK-registered fleet has grown six-fold, while the UK-owned and operated fleet has expanded three-fold. The training obligations set forth in the regime also resulted in a doubling of the number of new officer recruits to the UK industry over the period.


Certainty Over the last year, the comprehensive resolution of issues outstanding from HMRC’s 2009 reinterpretation of the eligibility criteria for tonnage tax has removed any doubts about that stability. HMRC has followed through on the revision of its manual by concluding its inquiries into various companies, confirming their tonnage tax status.


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