HM Revenue & Customs announced this week that the implementation of proposed changes to the UK's tonnage tax regime has been postponed.
The tax authority explained that:
"Earlier this year, following discussions with the European Commission, HMRC published a Technical Note containing draft legislation amending the UK Tonnage Tax regime."
"Since then, the European Commission has written to Member States seeking views about some issues relating to tonnage tax schemes. In the light of this development, the Government has decided to defer the legislation, so it will not be included in this year’s Finance Bill. The Technical Note has therefore been withdrawn."
"The Government will review the position once the Commission has announced the outcome of its consultations with Member States, and will consider what changes are required to the tonnage tax scheme to ensure it continues to comply with the State aid rules."
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