TTM12210 | Tonnage tax groups: Group arrangements

There are advantages for both the taxpayer and HMRC if a tonnage tax group operates under a group arrangement under FA00/SCH22/PARA120). A group arrangement will enable a nominated company to act as a representative of the group. This will reduce the need for administrative correspondence between the HMRC and each individual company in the group, and make some aspects of the legislation simpler to implement, for example the provisions of FA00/SCH22/PARA37 (75% chartered in limit) and PARA62 (finance costs).

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