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
>section 697E and 697F< are met.
(4) Part 1 of Schedule 18B shall apply for the purposes of making and giving effect to an election under this Part.