TTM06030 - 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.

References

FA00/SCH22/PARA45 (tonnage tax activities)	TTM17266
Prior year adjustments	TTM06040