(1) This section shall apply in every case where a company ceases to be a tonnage tax company otherwise than on the expiry of a tonnage tax election.
(2) Where this section applies -
(a) a company election made by a former tonnage tax company shall be ineffective if made before the end of the period of 10 years beginning with the date on which the company ceased to be a tonnage tax company, and
(b) a group election that -
(i) is made in respect of a group whose members include a former tonnage tax company, and
(ii) would result in that company becoming a tonnage tax company,
shall be ineffective if made before the end of the period of 10 years beginning with the date on which that company ceased to be a tonnage tax company.
(3) This section shall not prevent a company becoming a tonnage tax company under and in accordance with the rules in Part 4 of Schedule 18B.
(4) In this section 'former tonnage tax company' means a company that is not a tonnage tax company but has previously been a
…