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HMRC internal manual

Tonnage Tax Manual

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