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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 28 March 2003 - onwards
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697Q. Ten year disqualification from re-entry into tonnage tax.

(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

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