Relevant shipping profits: Outline
Tonnage tax activities
As explained in TTM06010, a company’s income from its ‘tonnage tax activities’ will form part of its ‘relevant shipping profits’.
Its ‘tonnage tax activities’ will consist of
- its ‘core qualifying activities’ (see TTM06050)
- its ‘qualifying secondary activities’, to the extent that they do not exceed the permitted levels (see TTM06100)
- its ‘qualifying incidental activities’ (see TTM06200)
The income from these activities will include all the income that is normally treated as trading income – including, for example, exchange gains.
|FA00/SCH22/PARA45 (tonnage tax activities)||TTM17266|
|Prior year adjustments||TTM06040|