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HMRC internal manual

Tonnage Tax Manual

Schedule 22 Finance Act 2000: Part I introductory - Para 3 profits of a Tonnage Tax company


(1) In the case of a tonnage tax company, its tonnage tax profits are brought into charge to corporation tax in place of its relevant shipping profits (see Part VI of this Schedule).

(2) Where profits would be relevant shipping income, any loss accruing to the company is similarly left out of account for the purposes of corporation tax.


General principles of Tonnage Tax TTM01200
Outline of relevant shipping profits TTM06001