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Chapter 4
Corporation Tax
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Amendment of provisions relating to a shipping trade.
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82.—(1) The Principal Act is amended—
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(a) in section 21 by the insertion after subsection (1) of the following:
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“(1A) (a) In this subsection—
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‘qualifying shipping activities’ and ‘qualifying shipping trade’ have the same meanings respectively as in section 407;
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(b) Notwithstanding subsection (1), for the financial year 2001 and 2002, in relation to a company carrying on a qualifying shipping trade, profits from qualifying shipping activities carried on in the course of the qualifying shipping trade shall be charged to corporation tax at the rate of 12½ per cent.”,
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and
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(b) in section 407(1) in the definition of “relevant period” by the substitution of “1 January 1987 to 31 December 2002” for “the 1st day of January, 1987, to the 31st day of December, 2000”.
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(2) This section applies as on and from 1 January 2001.
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