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HMRC internal manual

Tonnage Tax Manual

Schedule 22 Finance Act 2000: Part XI offshore activities - Para 107 profits from offshore activities to be computed according to ordinary rules


(1) The profits of a tonnage tax company from a qualifying ship in respect of periods during which the ship is engaged in offshore activities (its “offshore profits”) are computed and charged to tax in accordance with ordinary corporation tax principles as if they were not part of the company’s relevant shipping profits.

(2) Accordingly, the number of days in an accounting period during which a qualifying ship is so engaged shall be left out of account for the purposes of paragraph 4 (calculation of tonnage tax profits by reference to daily profit).


Outline of offshore profits TTM11200
Computational rules TTM11210