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HMRC internal manual

Tonnage Tax Manual

From
HM Revenue & Customs
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Schedule 22 Finance Act 2000: Part VI relevant shipping profits - Para 44 introduction

FA00/SCH22/PARA44

(1) For the purposes of this Schedule the relevant shipping profits of a tonnage tax company are-

(a) its relevant shipping income (as defined below), and

(b) so much of its chargeable gains as is effectively excluded from the charge to tax by the provisions of Part VIII of this Schedule.

(2) The “relevant shipping income” of a tonnage tax company means-

(a) its income from tonnage tax activities (see paragraphs 45 to 48), and

(b) any income that is relevant shipping income under-

paragraph 49 (distributions of overseas shipping companies), or

paragraph 50 (certain interest etc.),

but subject to paragraph 51 (general exclusion of investment income).

References

Outline of relevant shipping profits TTM06001
   
Relevant shipping profits TTM06010
Relevant shipping income TTM06020