Posted on: 16 January 2024
The ‘UK Tonnage Tax and International Tax Update’ webinar, organised by Maritime London webinar in partnership with BDO and our good friends the UK Chamber of Shipping, was held as a live online session on 16 January 1-2pm GMT.
There have been a number of recent changes to the UK tonnage tax rules, including a new election window and the intention to allow qualifying ship managers into the regime from April 2024.
The webinar provided an overview of the tonnage tax regime and an update on these changes, it also outlined the progress of international tax reform, including the UK transfer pricing rules and the implementation of a global minimum tax under the OECD’s ‘Pillar Two’ proposals.
The webinar was moderated by Richard Greiner, Director of Maritime London, who has over 40 years’ experience in providing assurance and advisory services to the shipping industry. James Bailey, Director – Corporate International Tax and Ken Almand, Partner, Transfer Pricing at BDO delivered a presentation focusing on the fundamentals of the UK Tonnage Tax Regime and recent amendments to UK Tonnage Tax. They have also discussed the UK transfer pricing rules and the implementation of a global minimum tax rate. Katrina Ross, Policy Director, Commercial and Governance at the UK Chamber of Shipping commented on the proposals to open up ship management to tonnage tax and shared her thoughts on the commercial utility of the proposals.