Tonnage Tax

Our Director, Steve Tetley, was HMRC’s national technical lead for Tonnage Tax in the UK for over 8 years and has been involved with the regime for numerous years. Steve uses this experience to enable clients to enjoy the full benefits of Tonnage Tax. He can also provide the necessary assurance to ensure that the relevant conditions continue to be met, as well as advising on the resolution of any open issues working with HMRC.

Potential applications to join Tonnage Tax

In his previous role, Steve had responsibility for dealing with all interest from prospective entrants to the regime and deciding whether the necessary conditions were met. He uses this experience to ensure that clients arrange their affairs so that they meet the regime requirements, but also in the most tax efficient way. Steve can advise on how best to meet the main condition, the strategic and commercial management test. He will work with you and HMRC in relation to any pre-clearance applications and elections into Tonnage Tax.

Steve also worked closely with the Department for Transport and can work directly with them to deal with the cadet training requirements of the regime.

Please contact us if you are interested in joining the regime and would like to know more about the benefits or entry requirements.

Risk assurance

Tonnage Tax brings many benefits so it is important to ensure conditions are met.  Failing to comply with these would be catastrophic, as there is potential that the company/group could be excluded from the regime.  This could mean that actual commercial profits replace the Tonnage Tax profits, potentially resulting in significant corporation tax becoming payable.

To counter the above, and to provide the appropriate level of assurance to the board of directors and shareholders, TTC can review your situation and produce a report focussing on the conditions of Tonnage Tax.  If necessary, advice will be given on areas which may be susceptible to challenge from HMRC.  Such a report would be an important part of your corporate governance and if appropriate, the Senior Accounting Officer process.

Resolution of open HMRC issues

Steve draws on his extensive compliance experience with HMRC, as well as the operational oversight he had on all the department’s Tonnage Tax work to help facilitate a satisfactory resolution to open issues.

Steve trained virtually all of HMRC staff currently working on Tonnage Tax. He has also provided extensive technical advice on complex areas of the legislation as well as been involved in litigation.

For further information, please do not hesitate to contact us.