TTM15010 - 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% limit on chartering in | FA00/SCH22/PARA37 | |
| associate (of an individual): | FA00/SCH22/PARA144 | |
| bareboat charter terms | FA00/SCH22/PARA143 | TTM15110 |
| bills of lading | - | TTM15140 |
| brokers and agents of companies | - | TTM15240 |
| capital allowances (FA00/SCH22/PART9) | FA00/SCH22/PARA88 (1) | |
| certificate of non-compliance (with training requirement) | FA00/SCH22/PARA32 | |
| charter by demise | - | TTM15110 |
| company | FA00/SCH22/PARA146 | |
| company election | FA00/SCH22/PARA7 (1)(a) | |
| conference (liner or shipping) | - | TTM15210 |
| contracts of affreightment | - | TTM15100 |
| control | FA00/SCH22/PARA118 (also FA00/SCH22/PARA117) | |
| controlled foreign company | FA00/SCH22/PARA146 | |
| core qualifying activities | FA00/SCH22/PARA46 | |
| cost of providing the ship (FA00/SCH22/PART10) | FA00/SCH22/PARA96 | |
| deadweight tonnage | - | TTM15020 |
| defeased leasing | FA00/SCH22/PARA90 | TTM10110 |
| demerger | FA00/SCH22/PARA121 (1) | |
| demurrage | - | TTM15150 |
| despatch | - | TTM15150 |
| dominant party (in relation to a merger) | FA00/SCH22/PARA126 | |
| entering (or leaving) tonnage tax | FA00/SCH22/PARA2 (2) | |
| finance costs (in FA00/SCH22/PARA61 and PARA62) | FA00/SCH22/PARA63 | |
| finance lease (and lessor and lessee) (in FA00/SCH22/PART10) | FA00/SCH22/PARA89 (2) | |
| frozen pool | - | TTM09010 |
| general average | - | TTM15230 |
| gross tonnage | - | TTM15020 |
| group | FA00/SCH22/PARA116 | |
| group election | FA00/SCH22/PARA7 (1)(b) | |
| initial period | FA00/SCH22/PARA10 (1) (also FA00/SCH22/PARA11 (2)) | |
| Inland Revenue (now HMRC) | FA00/SCH22/PARA145 | |
| leaving (or entering) tonnage tax | FA00/SCH22/PARA2 (2) | |
| lightweight tonnage | - | TTM15020 |
| liner conference | - | TTM15210 |
| member of group | FA00/SCH22/PARA116 | |
| merger | FA00/SCH22/PARA121 (1) | |
| minimum training obligation | FA00/SCH22/PARA24 | |
| net tonnage | - | TTM15020 |
| notional qualifying expenditure | FA00/SCH22/PARA110 (1) | TTM11300 |
| offshore activities (in PART11) | FA00/SCH22/PARA104 | |
| offshore profits (in PART11) | FA00/SCH22/PARA107 (1) | |
| operating (a ship) | FA00/SCH22/PARA18 | |
| payments in lieu of training (PILOT) | FA00/SCH22/PARA29 | |
| pooling and related expressions (in PART9, PART10 and PART11) | FA00/SCH22/PARA88 (2) and (3) | |
| protection and indemnity club (P&I) | - | TTM15220 |
| qualifying activity and qualifying expenditure (in PART9, PART10 and PART11) | FA00/SCH22/PARA88 (1) | |
| qualifying company | FA00/SCH22/PARA16 (1) (also FA00/SCH22/PARA17) | |
| qualifying group | FA00/SCH22/PARA16 (2) | |
| qualifying incidental activities | FA00/SCH22/PARA48 | |
| qualifying secondary activities | FA00/SCH22/PARA47 | |
| qualifying ship | FA00/SCH22/PARA19 onwards | |
| relevant activities (in relation to ‘dominant party’) | FA00/SCH22/PARA126 (3) | |
| relevant shipping income | FA00/SCH22/PARA44 (2) | |
| relevant shipping profits | FA00/SCH22/PARA44 (1) (also FA00/SCH22/PARA108 (2)) | |
| renewal election | FA00/SCH22/PARA15 (1) | |
| ship | FA00/SCH22/PARA142 | |
| shipping pool | - | TTM15210 |
| single company | FA00/SCH22/PARA146 | |
| subject to Tonnage Tax | FA00/SCH22/PARA2 (2) | |
| the 75 per cent limit (on chartered in tonnage) | FA00/SCH22/PARA37 | |
| thick capitalisation | - | TTM07400 |
| time charter | - | TTM15120 |
| tonnage | FA00/SCH22/PARA6 (1) | |
| tonnage tax | FA00/SCH22/PARA1 (1) | |
| tonnage tax activities | FA00/SCH22/PARA45 (and see FA00/SCH22/PARA108 (1)) | |
| tonnage tax asset (in PART8 and PART11) | FA00/SCH22/PARA64 | |
| tonnage tax company | FA00/SCH22/PARA2 (1) | |
| tonnage tax election | FA00/SCH22/PARA1(2) (also PART2) | |
| tonnage tax group | FA00/SCH22/PARA2(1) | |
| tonnage tax pool (PART9) | FA00/SCH22/PARA69 | |
| tonnage tax profits | FA00/SCH22/PARA3 onwards (also PART11) | |
| tonnage tax trade | FA00/SCH22/PARA53 (1) | |
| training commitment | FA00/SCH22/PARA25 (and see FA00/SCH22/PARA27 (4) and (5), and FA00/SCH22/PARA28 (2)) | |
| withdrawal Notice | FA00/SCH22/PARA15A | TTM02700 |
| vessel pool | - | |
| voyage charter | - | TTM15130 |
| Worldscale | - | TTM15170 |