FTT decision on tonnage tax

The First-tier Tribunal has released its decision on defeased leasing and capital allowances in the context of tonnage tax. The FTT dismissed the appeal, finding that the appellant companies were prevented from claiming capital allowances on expenditure on the acquisition of certain ships, as leases in respect of those ships had been ‘de-risked’.

Ed Hellier appeared for HMRC, led by Jonathan Bremner KC and Ben Elliott.