TTM06030 - Relevant shipping profits: Outline
Tonnage tax activities
As explained in TTM06010, a company’s income from its ‘tonnage tax activities’ will form part of its ‘relevant shipping profits’.
Its ‘tonnage tax activities’ will consist of
- its ‘core qualifying activities’, see TTM06050,
- its ‘qualifying secondary activities’, to the extent that they do not exceed the permitted levels, see TTM06100, and
- its ‘qualifying incidental activities’, see TTM06200.
The income from these activities will include all the income that is normally treated as trading income including, for example, exchange gains.
For companies that manage (but do not operate) ships, their tonnage tax activities are the same as they would be for companies which operate (and manage) ships.
References
| FA00/SCH22/PARA45 (tonnage tax activities) | TTM17266 |
| Prior year adjustments | TTM06040 |