Regulation 4
Remission in relation to sale of special purpose company
of Income Tax (Remission of Tax for Shipping Enterprises) Order 2013
There shall be remitted the tax on the income derived by a shipping enterprise or an approved international shipping enterprise, as the case may be, where —
the income is derived during the period from 16th February 2008 to 31st May 2011 (both dates inclusive); and
the income comprises gains derived from the sale of the entire ordinary shareholding of the enterprise in a wholly‑owned special purpose company whose only business is operating ships and —
in the case of the shipping enterprise, at the time of the sale of the shares by the enterprise, the special purpose company —
owns one or more ships registered (provisionally or otherwise) under the Merchant Shipping Act (Cap. 179) and does not own any ship registered under a foreign registry; or
is the buyer under a contract for the construction of any ship which is, at that time, provisionally registered under the Merchant Shipping Act and does not own any ship registered under a foreign registry; and
in the case of the approved international shipping enterprise, at the time of the sale of the shares by the enterprise, the special purpose company —
owns any ship registered (provisionally or otherwise) under any shipping registry, including under the Merchant Shipping Act; or
is the buyer under a contract for the construction of any ship which is, at that time, registered (provisionally or otherwise) under any shipping registry, including under the Merchant Shipping Act.