(1) It shall be a requirement (in this Part and Schedule 18B referred to as the '75 per cent limit') of entering or remaining within tonnage tax -
(a) in the case of a single company, that not more than 75 per cent of the net tonnage of the qualifying ships operated by it is chartered in,
(b) in the case of a group of companies, that not more than 75 per cent of the aggregate net tonnage of the qualifying ships operated by the members of the group that are qualifying companies is chartered in.
(2) A ship shall not be counted more than once in determining for the purposes of subsection (1) (b) the aggregate net tonnage of the qualifying ships operated by the members of a group that are qualifying companies.
(3) Where a tonnage tax election (not being a renewal election) is made before the end of the initial period and the 75 per cent limit is exceeded in the first relevant accounting period, the election shall be treated as never having been of any effect.
(4) Where a tonnage tax electi
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