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HMRC internal manual

Tonnage Tax Manual

From
HM Revenue & Customs
Updated
, see all updates

The ring fence: contents

Introduction

This section explains why relevant income of a tonnage tax company is ring fenced and how legislation works to isolate these tonnage tax profits. This section covers the introduction of new accounting periods, the treatment of income from controlled foreign companies, and calculation of allowable finance costs. It also explains the rules that prevent deductions being made from tonnage tax profits.