Beta This part of GOV.UK is being rebuilt – find out what beta means

HMRC internal manual

Tonnage Tax Manual

Background material: Shipping contracts

WorldscaleA published schedule of scale rates for particular voyages of tankers, available to subscribers. Worldscale is jointly produced by two non-profit making companies in New York and London, and established by panels of brokers. It is based on an assessment of a voyage on a particular route by a tanker of a certain capacity, at a particular speed, using so much fuel, on a fixed hire per day, etc.

The actual rate negotiated between shipowner and shipper will be expressed as a percentage of the Worldscale rate, depending on market conditions. So Worldscale 100 means the exact rate, whereas Worldscale 120 expresses a rate equal to 120 per cent of Worldscale for that particular route, and Worldscale 60 means a rate of 60 per cent  Worldscale.