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HMRC internal manual

Tonnage Tax Manual

From
HM Revenue & Customs
Updated
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Background material: Glossary of technical and shipping terms

Tonnage tax glossary

Many of the technical terms used in tonnage tax are defined in the legislation (and listed in FA00/SCH22/PARA147):

| Term | Statutory Reference | Manual Reference | || | 75 per cent limit | FA00/SCH22/PARA37 | TTM17226 | | associate (of an individual): | FA00/SCH22/PARA144 | TTM17796 | | bareboat charter terms | FA00/SCH22/PARA143 | TTM17791
TTM15110 | | bills of lading |   | TTM15140 | | brokers and agents of companies |   | TTM15240 | | capital allowances (FA00/SCH22/PART9) | FA00/SCH22/PARA88(1) | TTM17481 | | certificate of non-compliance (with training requirement) | FA00/SCH22/PARA32 | TTM17201 | | charter by demise |   | TTM15110 | | company | FA00/SCH22/PARA146 | TTM17806 | | company election | FA00/SCH22/PARA71(a) | TTM17396 | | conference (liner or shipping) |   | TTM15210 | | contracts of affreightment |   | TTM15100 | | control | FA00/SCH22/PARA118 (also FA00/SCH22/PARA117) | TTM17666
TTM17661 | | controlled foreign company | FA00/SCH22/PARA146 | TTM17806 | | core qualifying activities | FA00/SCH22/PARA46 | TTM17271 | | cost of providing the ship (FA00/SCH22/PART10) | FA00/SCH22/PARA96 | TTM17556 | | deadweight tonnage |   | TTM15020 | | defeased leasing | FA00/SCH22/PARA90 | TTM10110 | | demerger | FA00/SCH22/PARA121(1) | TTM17681 | | demurrage |   | TTM15150 | | despatch |   | TTM15150 | | dominant party (in relation to a merger) | FA00/SCH22/PARA126 | TTM17706 | | entering (or leaving) tonnage tax | FA00/SCH22/PARA2(2) | TTM17006 | | finance costs (in FA00/SCH22/PARA61 and PARA62) | FA00/SCH22/PARA63 | TTM17356 | | finance lease (and lessor and lessee) (in FA00/SCH22/PART10) | FA00/SCH22/PARA89(2) | TTM17486 | | frozen pool |   | TTM09010 | | general average |   | TTM15230 | | gross tonnage |   | TTM15020 | | group | FA00/SCH22/PARA116 | TTM17656 | | group election | FA00/SCH22/PARA7(1)(b) | TTM17031 | | initial period | FA00/SCH22/PARA10(1) (also FA00/SCH22/PARA11(2)) | TTM17046
TTM17051 | | Inland Revenue (now HMRC) | FA00/SCH22/PARA145 | TTM17801 | | leaving (or entering) tonnage tax | FA00/SCH22/PARA2(2) | TTM17006 | | lightweight tonnage |   | TTM15020 | | liner conference |   | TTM15210 | | member of group | FA00/SCH22/PARA116 | TTM17656 | | merger | FA00/SCH22/PARA121(1) | TTM17681 | | minimum training obligation | FA00/SCH22/PARA24 | TTM17161 | | net tonnage |   | TTM15020 | | notional qualifying expenditure | FA00/SCH22/PARA110(1) | TTM11300 | | offshore activities (in PART11) | FA00/SCH22/PARA104 | TTM17596 | | offshore profits (in PART11) | FA00/SCH22/PARA107(1) | TTM17611 | | operating (a ship) | FA00/SCH22/PARA18 | TTM17096 | | payments in lieu of training (PILOT) | FA00/SCH22/PARA29 | TTM17186 | | pooling and related expressions (in PART9, PART10 and PART11) | FA00/SCH22/PARA88(2) and (3) | TTM17481 | | protection and indemnity club (P&I) |   | TTM15220 | | qualifying activity and qualifying expenditure (in PART9, PART10 and PART11) | FA00/SCH22/PARA88(1) | TTM17481 | | qualifying company | FA00/SCH22/PARA16(1) (also FA00/SCH22/PARA17) | TTM17086
TTM17091 | | qualifying group | FA00/SCH22/PARA16(2) | TTM17086 | | qualifying incidental activities | FA00/SCH22/PARA48 | TTM17281 | | qualifying secondary activities | FA00/SCH22/PARA47 | TTM17276 | | qualifying ship | FA00/SCH22/PARA19 onwards | TTM17101 | | relevant activities (in relation to ‘dominant party’) | FA00/SCH22/PARA126(3) | TTM17706 | | relevant shipping income | FA00/SCH22/PARA44(2) | TTM17261 | | relevant shipping profits | FA00/SCH22/PARA44(1) (also FA00/SCH22/PARA108(2)) | TTM17261
TTM17616 | | renewal election | FA00/SCH22/PARA15(1) | TTM17071 | | ship | FA00/SCH22/PARA142 | TTM17786 | | shipping pool |   | TTM15210 | | single company | FA00/SCH22/PARA146 | TTM17806 | | subject to Tonnage Tax | FA00/SCH22/PARA2(2) | TTM17006 | | the 75 per cent; limit (on chartered-in tonnage) | FA00/SCH22/PARA37 | TTM17226 | | thick capitalisation |   | TTM07400 | | time charter |   | TTM15120 | | tonnage | FA00/SCH22/PARA6(1) | TTM17026 | | tonnage tax | FA00/SCH22/PARA1(1) | TTM17001 | | tonnage tax activities | FA00/SCH22/PARA45 (and see FA00/SCH22/PARA108(1)) | TTM17266
TTM17616 | | tonnage tax asset (in PART8 and PART11) | FA00/SCH22/PARA64 | TTM17361 | | tonnage tax company | FA00/SCH22/PARA2(1) | TTM17006 | | tonnage tax election | FA00/SCH22/PARA1(2)
(also PART2) | TTM17001 | | tonnage tax group | FA00/SCH22/PARA2(1) | TTM17006 | | tonnage tax pool (PART9) | FA00/SCH22/PARA69 | TTM17386 | | tonnage tax profits | FA00/SCH22/PARA3 onwards (also PART11) | TTM17011 | | tonnage tax trade | FA00/SCH22/PARA53(1) | TTM17306 | | training commitment | FA00/SCH22/PARA25 (and see FA00/SCH22/PARA27(4) and (5), and FA00/SCH22/PARA28(2)) | TTM17166
TTM17176
TTM17181 | | withdrawal Notice | FA00/SCH22/PARA15A | TTM02700 | | vessel pool |   | TTM15210 | | voyage charter |   | TTM15130 | | Worldscale |   | TTM15170 |

ReferencesFA00/SCH22/PARA147