Renewal of tonnage tax scheme.115VR.
(1) An option for tonnage tax scheme approved under sub-section (3) of section 115VP
may be renewed within one year from the end of the previous year
in which the option ceases to have effect.(2) The provisions of sections 115VP
shall apply in relation to a renewal of the option for tonnage tax scheme in the same manner as they apply in relation to the approval of option for tonnage tax scheme.