TTM06120 - Relevant shipping profits: Secondary activities qualifying up to set limits
The secondary activities that qualify up to set limits are described in SI00/2303/REG3 (4). There are three categories:
- Work carried out for third parties, see TTM06130;
- Betting and gambling, see TTM06150;
- Sale of luxury goods, see TTM06160.
Cliff edge
Some of the rules allow activities up to a certain limit. Where this limit is breached, the whole of the profit or loss from that activity will fall outside the tonnage tax ring-fence. HMRC will apply this criterion flexibly in relation to occasional minor breaches, but not if breaches become habitual.
References
SI00/2303/REG3 (4) (permitted levels) |
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SI00/2303/REG3 (4) Secondary activities qualifying up to a permitted level |