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UK Publishes Finance Act 2022: Measures to reform the UK’s Tonnage Tax regime

The UK has published the Finance Act 2022 in the Official Gazette, which received royal assent on 24 February 2022. The Act provides for the implementation of the measures announced as part of the UK Autumn Budget and Spending Review 2021. Some of the main measures of the Finance Act 2022 include the following:

  • Measures to reform the UK’s Tonnage Tax regime are introduced from April 2022, which include removing the EU flagging rules so that the regime applies to vessels flying the UK shipping flag and reducing the lock-in period from 10 years to 8 years to align more closely with shipping cycles and to make it easier for shipping companies to participate in the Tonnage Tax regime;

Source Orbitax

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