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Unique Cruise Solutions The news you need to know |
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Cruise News for the Corporate Travel Professional |
June 2011 Edition |
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RCCL to transfer operations of 11 ships to new UK company |
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Royal Caribbean Cruises Ltd, the world’s second largest cruise
shipping group, will transfer 11 ships to a new company in the UK to facilitate
the group’s growth and to take advantage of the UK tonnage tax system, the
company says in its 2010 annual report. “The Brilliance of the Seas is operated by a company that is strategically and commercially managed in the United Kingdom, which has elected to be subject to the United Kingdom tonnage tax regime,” RCCL said. “Commencing in 2011, to facilitate our growth strategy, an additional 11 ships from our fleet will be operated by a newly created company that is strategically and commercially managed in the United Kingdom and will also elect to be subject to the U.K. tonnage tax regime.” “Companies subject to U.K. tonnage tax pay a corporate tax on a notional profit determined with reference to the net tonnage of qualifying vessels. Normal United Kingdom corporate income tax is not chargable on the relevant shipping profits of a qualifying U.K. tonnage tax company. The requirements for a company to qualify for the U.K. tonnage tax regime include being subject to United Kingdom corporate income tax.” Operating qualifying ships, which are strategically and commercially managed in the United Kingdom, also have to fulfill a seafarer training requirement. “Failure to meet any of these requirements could cause us to lose the benefit of the tonnage tax regime which will have a material effect on our results of operations,” RCCL said. United Kingdom income from non- shipping activities which do not qualify under the U.K. tonnage tax regime and which are not considered significant, remain subject to United Kingdom corporate income tax. |
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