Tax tribunal rules that security deposit interest is ring-fenced under tonnage tax

International accountant and shipping adviser Moore Stephens has welcomed a decision by the UK First Tax Tribunal that interest received on security deposits relating to loans taken out to buy ships within tonnage tax is not taxable. HMRC had argued that the interest income was outside tonnage tax as it related to the purchase of […]

Moore Stephens says new UK statutory residence test does away with grey areas

International accountant and shipping adviser Moore Stephens says the introduction by the UK of a statutory residence test will bring much greater certainty to an area previously decided largely on the basis of case law and government practice. The UK is introducing the statutory residence test with effect from today (6th April). Gill Smith, a […]

Banks will take a firmer grip on shipping this year

Banks will exert more control over the shipping industry this year, according to international accountant and shipping consultant Moore Stephens. It also expects vessel values to fall further, and the cost of regulatory compliance to increase. Moore Stephens partner Julian Wilkinson said: “For shipping in 2012, it was not so much a case of ‘Crisis, […]