UK Budget is Good News for Shipping Sector

Press Release
Thursday, March 21, 2013

International accountant and shipping adviser Moore Stephens says the UK Budget 2013 contains generally good news for the shipping sector.



Measures which will have an impact on the shipping industry include a reduction in the main rate of UK corporation tax.  This is 23 per cent for the year ended 31 March 2014, reducing to 21 per cent from April 2014. A further reduction to 20 per cent from April 2015 has now been announced.  



There was also good news for shipping on the capital gains front. Last year the government announced that, where a company had a functional currency other than sterling, capital gains and losses on disposals of shares would with effect from April 2013 be calculated in that functional currency rather than in sterling. Moore Stephens tax partner Sue Bill says, “Now, following representations by Moore Stephens and others, it has been announced that this measure has been extended to cover the disposal of ships and aircraft as well as shares, thus removing an anomaly in the calculation of capital gains and losses arising on ships outside the UK tonnage tax regime.



“Where ships are held outside the UK tonnage tax regime, capital allowances (or tax depreciation) are available in respect of the capital cost of the ship.  For many years, no first-year allowances (being accelerated capital allowances available in the year of acquisition) have been available in respect of ships. This exclusion from claiming first-year allowances has now been removed for ships and railway assets.  This, however, may be of limited benefit as first-year allowances are currently only available in respect of a limited number of assets, in particular energy-efficient and environmentally beneficial plant and machinery of a description specified by Treasury order, which can qualify for 100 per cent allowances in the first year.  Therefore it is not yet clear how beneficial the removal of this anomaly will be in practice.”   



Sue Bill concludes, “The Budget 2013 is generally good news for the shipping sector as the UK government is clearly looking to ensure that the UK tax system is as competitive as possible, and certain anomalies having a potentially detrimental effect for some shipowning companies have been removed.”

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

SENER Presents Two FORAN Papers at the Morintekh

In June, the SENER engineering and technology group participated in the 17th Morintekh – Praktik 2016 Scientific Conference, in the city of St. Petersburg, Russia.

Finance

Asia-N.Europe Box Rates Fall 8.1 pct

Freight rates for transporting containers from ports in Asia to Northern Europe fell 8.1 percent to $713 per 20-foot container (TEU) in the week ended on Friday,

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

News

Kerry to Press ASEAN meeting for talks on SCS Disputes

U.S. Secretary of State John Kerry will urge Southeast Asian nations in meetings in Laos next week to find diplomatic ways to launch talks with China on easing

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Pathogenic bacteria hitchhiking to North and Baltic Seas?

For the first time, AWI scientists have found evidence of living, potentially pathogenic vibrions on microplastic particles. With increasing water temperatures

Vessels

Ithaca’s FPF-1 platform to be moved to Stella field

Ithaca Energy Inc. reports that the "FPF-1" floating production facility has completed the required inclination test as planned and departed the Remontowa shipyard in Gdansk, Poland.

Live Fish Carrier Launched at Gondan

At high tide, the vessel “MARTIN SÆLE”, the first Live Fish Carrier built by Gondan Shipyard in Figueras, was successfully launched today. Representatives of the owner of the vessel,

GTT Cuts Outlook on Ship Construction Delays

French supplier of systems for marine transportation of liquified natural gas (LNG) Gaztransport & Technigaz (GTT) reported strong growth in its first half results

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1422 sec (7 req/sec)