TTM15010 - Background material: Glossary of technical and shipping terms

Tonnage tax glossary

Many of the technical terms used in tonnage tax are defined in the legislation (and listed in FA00/SCH22/PARA147):

Term Statutory Reference Manual Reference
75% limit on chartering in FA00/SCH22/PARA37 TTM17226
associate (of an individual): FA00/SCH22/PARA144 TTM17796
bareboat charter terms FA00/SCH22/PARA143 TTM17791
TTM15110
bills of lading  - TTM15140
brokers and agents of companies  - TTM15240
capital allowances (FA00/SCH22/PART9) FA00/SCH22/PARA88 (1) TTM17481
certificate of non-compliance (with training requirement) FA00/SCH22/PARA32 TTM17201
charter by demise  - TTM15110
company FA00/SCH22/PARA146 TTM17806
company election FA00/SCH22/PARA7 (1)(a) TTM17396
conference (liner or shipping)  - TTM15210
contracts of affreightment  - TTM15100
control FA00/SCH22/PARA118 (also FA00/SCH22/PARA117) TTM17666
TTM17661
controlled foreign company FA00/SCH22/PARA146 TTM17806
core qualifying activities FA00/SCH22/PARA46 TTM17271
cost of providing the ship (FA00/SCH22/PART10) FA00/SCH22/PARA96 TTM17556
deadweight tonnage  - TTM15020
defeased leasing FA00/SCH22/PARA90 TTM10110
demerger FA00/SCH22/PARA121 (1) TTM17681
demurrage  - TTM15150
despatch  - TTM15150
dominant party (in relation to a merger) FA00/SCH22/PARA126 TTM17706
entering (or leaving) tonnage tax FA00/SCH22/PARA2 (2) TTM17006
finance costs (in FA00/SCH22/PARA61 and PARA62) FA00/SCH22/PARA63 TTM17356
finance lease (and lessor and lessee) (in FA00/SCH22/PART10) FA00/SCH22/PARA89 (2) TTM17486
frozen pool  - TTM09010
general average  - TTM15230
gross tonnage  - TTM15020
group FA00/SCH22/PARA116 TTM17656
group election FA00/SCH22/PARA7 (1)(b) TTM17031
initial period FA00/SCH22/PARA10 (1) (also FA00/SCH22/PARA11 (2)) TTM17046
TTM17051
Inland Revenue (now HMRC) FA00/SCH22/PARA145 TTM17801
leaving (or entering) tonnage tax FA00/SCH22/PARA2 (2) TTM17006
lightweight tonnage  - TTM15020
liner conference  - TTM15210
member of group FA00/SCH22/PARA116 TTM17656
merger FA00/SCH22/PARA121 (1) TTM17681
minimum training obligation FA00/SCH22/PARA24 TTM17161
net tonnage  - TTM15020
notional qualifying expenditure FA00/SCH22/PARA110 (1) TTM11300
offshore activities (in PART11) FA00/SCH22/PARA104 TTM17596
offshore profits (in PART11) FA00/SCH22/PARA107 (1) TTM17611
operating (a ship) FA00/SCH22/PARA18 TTM17096
payments in lieu of training (PILOT) FA00/SCH22/PARA29 TTM17186
pooling and related expressions (in PART9, PART10 and PART11) FA00/SCH22/PARA88 (2) and (3) TTM17481
protection and indemnity club (P&I)  - TTM15220
qualifying activity and qualifying expenditure (in PART9, PART10 and PART11) FA00/SCH22/PARA88 (1) TTM17481
qualifying company FA00/SCH22/PARA16 (1) (also FA00/SCH22/PARA17) TTM17086
TTM17091
qualifying group FA00/SCH22/PARA16 (2) TTM17086
qualifying incidental activities FA00/SCH22/PARA48 TTM17281
qualifying secondary activities FA00/SCH22/PARA47 TTM17276
qualifying ship FA00/SCH22/PARA19 onwards TTM17101
relevant activities (in relation to ‘dominant party’) FA00/SCH22/PARA126 (3) TTM17706
relevant shipping income FA00/SCH22/PARA44 (2) TTM17261
relevant shipping profits FA00/SCH22/PARA44 (1) (also FA00/SCH22/PARA108 (2)) TTM17261
TTM17616
renewal election FA00/SCH22/PARA15 (1) TTM17071
ship FA00/SCH22/PARA142 TTM17786
shipping pool  - TTM15210
single company FA00/SCH22/PARA146 TTM17806
subject to Tonnage Tax FA00/SCH22/PARA2 (2) TTM17006
the 75 per cent limit (on chartered in tonnage) FA00/SCH22/PARA37 TTM17226
thick capitalisation  - TTM07400
time charter  - TTM15120
tonnage FA00/SCH22/PARA6 (1) TTM17026
tonnage tax FA00/SCH22/PARA1 (1) TTM17001
tonnage tax activities FA00/SCH22/PARA45 (and see FA00/SCH22/PARA108 (1)) TTM17266
TTM17616
tonnage tax asset (in PART8 and PART11) FA00/SCH22/PARA64 TTM17361
tonnage tax company FA00/SCH22/PARA2 (1) TTM17006
tonnage tax election FA00/SCH22/PARA1(2)
(also PART2)
TTM17001
tonnage tax group FA00/SCH22/PARA2(1) TTM17006
tonnage tax pool (PART9) FA00/SCH22/PARA69 TTM17386
tonnage tax profits FA00/SCH22/PARA3 onwards (also PART11) TTM17011
tonnage tax trade FA00/SCH22/PARA53 (1) TTM17306
training commitment FA00/SCH22/PARA25 (and see FA00/SCH22/PARA27 (4) and (5), and FA00/SCH22/PARA28 (2)) TTM17166
TTM17176
TTM17181
withdrawal Notice FA00/SCH22/PARA15A TTM02700
vessel pool  -
voyage charter  - TTM15130
Worldscale  - TTM15170

References

FA00/SCH22/PARA147