TTM13110 - Partnerships: Operation of ships

No double counting

If a tonnage tax company is a member of a partnership and provides a ship to the partnership for its use, whether by means of a formal charter or otherwise, both the tonnage tax company and the partnership are treated as operating the ship, see TTM13100.

However, the ship should be counted in only one computation of tonnage tax profits – that of the partnership.

References

SI00/2303/REG10 (3) (rules for counting tonnage tax profit) TTM18010
Operation of ships TTM13100
Bareboat charter out TTM13120