Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will list the value of tax reliefs on tonnage tax granted to merchant shipping companies who are members of the SMarT Funding scheme in each of the last five years.
The purpose of the Tonnage Tax relief is to promote the success and effectiveness of UK strategically and commercially managed shipping fleets in a market highly exposed to international competition and whose management is highly mobile. The table below shows the estimated tax liabilities due to Tonnage Tax for each year from 2010 to 2014 (the latest year for which full data is currently available) and the estimated tax liabilities due to Tonnage Tax for companies registered in the SMarT Funding scheme. This relates to companies who reported a Tonnage Tax Profit in the relevant year:
Calendar Year | Number of Companies | Total Tax Liabilities due to Tonnage Tax (£m Rounded) | Tax Liabilities due to Tonnage Tax for companies registered in the SMarT Funding Scheme (£m Rounded) |
2010 | 450 | 16 | 2.5 |
2011 | 460 | 17 | 5.1 |
2012 | 450 | 17 | 3.5 |
2013 | 420 | 17 | 3.3 |
2014 | 340 | 15 | 3.3 |
Data cannot be broken down to reflect relief given to individual companies for reasons of confidentiality. Tax liabilities due to Tonnage Tax for individual companies ranged from £0 to £1.4 million for each year in the five year period.