Relevant shipping profits: Secondary activities qualifying up to set limits
The secondary activities that qualify up to set limits are described in SI00/2303/REG3 (4). There are three categories:
- Work carried out for third parties - see TTM06130
- Betting and gambling - see TTM06150
- Sale of luxury goods - see TTM06160
Some of the rules allow activities up to a certain limit. Where this limit is breached, the whole of the profit or loss from that activity will fall outside the tonnage tax ring-fence. HMRC will apply this criterion flexibly in relation to occasional minor breaches, but not if breaches become habitual.
|SI00/2303/REG3(4) (permitted levels)||TTM18003|
|SI00/2303/REG3(4) Secondary activities qualifying up to a permitted level||TTM06120|