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HMRC internal manual

Tonnage Tax Manual

Relevant shipping profits: Relevant shipping income: Outline

Relevant shipping income

As explained in TTM06010, a company’s ‘relevant shipping income’ will form part of its ‘relevant shipping profits’.

Its ‘relevant shipping income’ consists of:

  • its income from ‘tonnage tax activities’ (see TTM06030)
  • certain distributions from qualifying overseas shipping companies (see TTM06400)
  • certain interest (see TTM06510), but subject to the general exclusion of investment income (see TTM06500)


FA00/SCH22/PARA44(2) (relevant shipping income) TTM17261
FA00/SCH22/PARA45 (tonnage tax activities) TTM17266
FA00/SCH22/PARA49 (overseas shipping companies) TTM17286
FA00/SCH22/PARA50 (certain interest etc) TTM17291
FA00/SCH22/PARA51 (exclusion of investment income) TTM17296
Prior year adjustments TTM06040