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Taxes Consolidation Act, 1997 (Number 39 of 1997)

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697D Election for tonnage tax.

(1) Tonnage tax shall apply only if an election (in this Part and Schedule 18B referred to as a “tonnage tax election”) under this Part to that effect is made by a qualifying single company (in this Part and in Schedule 18B referred to as a “company election”) or by a qualifying group of companies (in this Part and in Schedule 18B referred to as a “group election”).

(2) (a) Tonnage tax shall only apply to a company which is a member of a group of companies if the company joins in a group election which shall be made jointly by all the qualifying companies in the group.

(b) A group election shall have effect in relation to all qualifying companies in the group.

(3) A tonnage tax election shall be made only if the requirements of [2]>section 697E and 697F<[2][2]>section 697F<[2] are met.

(4) Part 1 of Schedule 18B shall apply for the purposes of making and giving effect to an election under this Part.

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[1]

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Inserted by FA02 s53(1). FA03 s62 amends FA03 s53 to provide that Part 24A will take effect from the date of passing of FA03, 28 March 2003.

[2]

[-] [+]

Substituted by FA06 s67(1)(b). This section comes into operation on such day or days as the Minister for Finance may by order or orders appoint and different days may be appointed for different purposes or different provisions.