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U.K. Government revises Finance Bill 2012 to favor UK Shipowning Companies

International accountant and shipping adviser Moore Stephens has welcomed the UK government’s decision to minimize the effect of new rules in Finance Bill 2012 which resulted in a potentially serious trap for existing UK shipowners entering tonnage tax. Finance Bill 2012 originally extended some anti-avoidance rules relating to leasing companies, so that they applied to existing UK shipowning companies chartering out ships which enter UK tonnage tax.