Moore Stephens Recommends Owners Support New Window for Election into Tonnage Tax

Shipping industry accounting and advisory firm, Moore Stephens has recommended U.K.shipowners collectively request that the United Kingdom grant a new window of opportunity to elect into the tonnage tax. The firm says forthcoming changes in corporate tax policy will have a large impact on owners within the corporate tax system. Historically the UK government has granted a window of opportunity to elect into the tonnage tax system during these types of major policy transitions. However, it will only grant this window if the Chamber of Shipping proposes an adequate business case for it. The Chamber of Shipping is considering lobbying for a new tonnage tax window yet will only do so if it perceives enough support for it within the maritime community. The Chamber requests indications of interest by August 13, 2010.

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