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Budget 2021: shipping firms that fly red ensign flag to be offered tax breaks
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theguardian.comGlobal shipping companies will from April 2022 be offered tax breaks if they fly the UK’s historic merchant shipping flag, the red ensign.
The chancellor, Rishi Sunak, announced in the budget on Wednesday that shipping companies which fly the red flag with the union jack would have a greater chance of being able to jointhe UK tonnage tax break scheme.
The arrangement, which was introduced in 2000, allows shipping companies access to an “alternative method of calculating corporation tax profits by reference to the net tonnage of the ship operated”. The tonnage tax scheme allows shipping firms to pay predictable, much lower taxes, which one expert said created a “close to zero tax environment”.
Sunak said Brexit had allowed the UK to offer the
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