Tonnage tax

Following the UK’s Budget and Spending Review, Jonathan Moss, partner and head of Marine and Trade at DWF, said: “By modernising the UK’s Tonnage Tax regime and announcing that the first Freeport tax sites in Humber, Teesside and Thames will be able to begin initial operations from November, the Chancellor seems to be showing a commitment to not only expanding the UK’s shipping industry but also encouraging jobs and investment in areas where economic opportunities have previously been lacking”. The UK’s long-term vision, Maritime 2050, was launched in January 2019, referring to the digitisation of the maritime sector, using blockchain-based ledgers, digital documentation for seafarers, autonomous vessels and investment into navigation and communications technology.