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Tonnage Tax is an optional alternative method of calculating the corporation tax of shipping companies based in the UK. The tonnage tax regime was introduced in the UK in 2000 to create a positive economic environment for international shipping companies that are based in the UK. It is the recent times that the implementation of this taxation is being felt in the UK shipping industry.
Purpose Of Tonnage Tax:
The aim was to enable the renewal and growth of existing UK-based shipping companies, whilst also attracting inward investment. This regime has addressed the decline in the UK merchant fleet. The number of shipping companies based in the UK has increased and subsequently this has also increased the number of individuals employed in the UK shipping industry.
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The UK has formally notified the EU of its exit from the EU. The extent to which this is likely to affect the application and enforcement of EU competition law in the UK is outlined below. Much will depend of course on the content of any exit deal reached with the EU.
Brexit
On 29 March 2017, the UK notified the European Council of its intention to leave the EU, under Article 50 of the Treaty on European Union. Formal negotiations on leaving the EU will take place, and the UK has a maximum of two years from in which to conclude an agreement on its withdrawal. Any exit deal has to be approved unanimously by the Council, and the European Parliament has veto powers over any deal struck.
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