(1) The Principal Act is amended by inserting the following after Part 24:

"Part 24A Shipping: Tonnage Tax

697A. Interpretation (Part 24A).

(1) In this Part and in Schedule 18B -

'bareboat charter terms', in relation to the charter of a ship, means the letting on charter of a ship for a stipulated period on terms which give the charterer possession and control of the ship, including the right to appoint the master and crew;

'chartered in' means -

(a) in relation to a single company, the letting on charter of a ship to the company otherwise than on bareboat charter terms, and

(b) in relation to a group of companies, the letting on charter of a ship otherwise than on bareboat charter terms to a qualifying company that is a member of the group by a person who is not a qualifying company that is a member of the group;

'company election' and 'group election' have the meanings respectively assigned to them by section 697D(1);

'commencement date' means the day appointed by the Minister for Finance by order as the day section 53 of the Finance Act, 2002, comes into operation;

'control' shall be construed in accordance with subsections (2) to (6) of section 432;

'initial period' has the meaning assigned to it by paragraph 2 of Schedule 18B;

'group of companies' means -

(a) all the companies of which an individual has control, or