JAMES FISHER & SONS PLC
12 August 1999
James Fisher & Sons Welcomes Introduction of Tonnage Tax
David Cobb, CBE, executive chairman of Barrow-based James
Fisher & Sons plc, one of the UK's foremost ship owners, with
44 vessels in its specialist fleet, today welcomed the
Government's decision to introduce a tonnage tax regime in the
UK. Immediate past President of the Chamber of Shipping,
which had campaigned vigorously for a change in the tax
treatment of shipping companies, Mr Cobb said:
'This decision represents a significant milestone for the
shipping industry in the UK. It levels the playing field for
UK shipping companies competing with their counterparts in the
rest of Europe and should have a profound effect on the
fortunes of British shipping in the wider sense.
'In the financial context, the introduction of tonnage tax
will remove the requirement for shipping companies to make
provision for deferred taxation. This will impact favourably
on the profit and loss account and balance sheet.
'As a company committed to the future of the British fleet,
James Fisher already trains a large number of cadets. I am
therefore delighted that the tonnage tax will commit companies
to develop training and require those companies benefiting
from the new regime to make a corresponding investment in our
nation's future seafarers.'
Issued on behalf of James Fisher & Sons plc by Tavistock
Communications Limited (Contact: Keith Payne, tel 0171 600
2288)
Press Enquiries: David B Cobb, CBE
Executive Chairman
James Fisher & Sons plc
Tel: 0171 338 5808