TTM06000 - Relevant shipping profits: contents

Introduction

This section outlines the profits that are to be regarded as tonnage tax profits. The section gives guidance on activites, trading income, capital gains and distributions. It explains that the profits of some activities are wholly within tonnage tax but profits of some may be limited. It explains how these relevant shipping profits are replaced by tonnage tax profits of a tonnage tax company.

Outline and definitions

1. TTM06001

   Outline
2. TTM06010

   Meaning of ‘relevant shipping profits’
3. TTM06020

   Relevant shipping income
4. TTM06030

   Tonnage Tax activities
5. TTM06040

   Prior year adjustments

Core qualifying activities

1. TTM06050

   Core qualifying activities
2. TTM06060

   Core qualifying Activities - examples

Qualifying secondary activities

1. TTM06100

   Qualifying Secondary Activities
2. TTM06105

   Relevant shipping profits: Non qualifying secondary activities
3. TTM06110

   Wholly qualifying secondary activities
4. TTM06120

   Secondary activities qualifying up to set limits
5. TTM06130

   Work carried out for third parties
6. TTM06140

   Work carried out for third parties - Activities outside ring fence
7. TTM06150

   Betting and gambling
8. TTM06160

   Sale of luxury goods

Qualifying incidental activities

1. TTM06200

   Qualifying incidental activities

Non-qualifying activities

1. TTM06300

   Non-qualifying activities
2. TTM06350

   Vessels providing transport for services carried out at sea

Distributions from overseas shipping companies

1. TTM06400

   Outline
2. TTM06410

   Conditions
3. TTM06420

   Meeting the conditions
4. TTM06430

   Timing
5. TTM06440

   Timing - Example
6. TTM06450

   ‘Subject to tax’
7. TTM06460

   Disposal of overseas business
8. TTM06470

   CFC legislation

Investment income etc

1. TTM06500

   Exclusion of investment income
2. TTM06510

   Certain interest etc
3. TTM06520

   Certain interest etc - Examples

Miscellaneous

1. TTM06700

   Merchant adventurers