The Taxes (Amendments) (EU Exit) Regulations, SI 2020/332, make consequential amendments to legislation in relation to tonnage tax and certain UK personal allowances, to maintain its effect after the end of the implementation period for the UK’s withdrawal from the EU.
The tonnage tax amendments ensure that legislation in Finance Act 2000 Sch 22 continues to apply to the shipping registers currently within the scope of the tonnage tax regime, meaning the regime will still apply to qualifying ships registered in the UK, Gibraltar and EU member states after IP completion day. To preserve the treatment of dividends and other distributions of overseas companies, the regulations replace references to ‘member state’ with ‘the United Kingdom, Gibraltar or a member State’ in relation to where controlling interests in these overseas companies are held.
An amendment to Income Tax Act 2007 s 56 reflects the UK ceasing to be a member of the EU and EEA for the purposes of the personal allowance, blind person’s allowance, marriage allowance and married couple’s allowance, ensuring UK nationals who are not resident in the UK will still benefit from these allowances after IP completion day.
The Taxes (Amendments) (EU Exit) Regulations, SI 2020/332, make consequential amendments to legislation in relation to tonnage tax and certain UK personal allowances, to maintain its effect after the end of the implementation period for the UK’s withdrawal from the EU.
The tonnage tax amendments ensure that legislation in Finance Act 2000 Sch 22 continues to apply to the shipping registers currently within the scope of the tonnage tax regime, meaning the regime will still apply to qualifying ships registered in the UK, Gibraltar and EU member states after IP completion day. To preserve the treatment of dividends and other distributions of overseas companies, the regulations replace references to ‘member state’ with ‘the United Kingdom, Gibraltar or a member State’ in relation to where controlling interests in these overseas companies are held.
An amendment to Income Tax Act 2007 s 56 reflects the UK ceasing to be a member of the EU and EEA for the purposes of the personal allowance, blind person’s allowance, marriage allowance and married couple’s allowance, ensuring UK nationals who are not resident in the UK will still benefit from these allowances after IP completion day.
