Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to amend the rates or qualifying conditions of the Tonnage Tax regime for shipping companies.

The maritime sector is subject to a range of tax rules.

Qualifying shipping companies may elect into Tonnage Tax, an alternative corporation tax regime under which taxable profits are calculated by reference to the tonnage of ships operated rather than actual commercial profits. Tonnage Tax is designed to support the competitiveness of the UK maritime sector and encourage shipping activity and strategic management functions to be based in the UK.

The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.