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    UK budget brings good news for support vessel sector

    News // March 18, 2005
    Fairplay (www.fairplay.co.uk) reports that owners of both UK dredgers and offshore support vessels deployed in the North Sea may be able to benefit from an extension of the UK tonnage tax regime announced by the Chancellor Gordon brown in his budget yesterday.

    The measures, which will cost 5 million a year and are likely to be incorporated in this year's finance bill, will also include provision for companies wishing to leave the regime, while streamlining the UK's system with other EU regimes.

    Quoting Sue Bill, tax partner at shipping accountant Moore Stephens, Fairplay said the chancellor's move was "a good sign" that the government wants to continue promoting UK shipping.

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