UK government commits to stable tonnage tax

In a letter received by the Chamber, Justine Greening, Economic Secretary to the UK Treasury, added that the government wants to work with the shipping industry to ensure that the UK remains an attractive location for maritime investment.

Her letter was closely followed by news that Her Majesty’s Revenue & Customs (HMRC) had restored its original interpretation of the UK rules on eligibility for the tonnage tax regime and published new ‘interim guidance’; this refocuses the eligibility tests on those that were applied when the regime was originally developed and approved.

HMRC has also informed the Chamber of its intention to carry out a more formal consultation exercise in order to reach consensus on a permanent interpretation of the eligibility test.