TTM05250 - The 75% Limit on Charters-in: How to calculate
Example 4: Ships operated for varying periods during accounting period
A group has five Tonnage Tax companies. For the year ended 31/12/2003 the representative company summarises the ships operated as:
|
Company |
Ship |
Control |
No. of days |
Net tonnage |
|
Company 1 |
Bulk 1 |
Finance leased |
365 |
11,000 |
|
Company 2 |
Bulk 2 |
Owned |
365 |
2,800 |
|
|
Bulk 3 |
Owned & bareboat chartered out to 3r d party (long term) |
365 |
22,500 |
|
|
Bulk 4 |
Owned |
365 |
22,500 |
|
|
Bulk 1 |
5 year time charter from Co 1 |
365 |
11,000 |
|
Company 3 |
Bulk 5 |
3 year time charter |
365 |
21,000 |
|
Company 4 |
Reefer 1 |
Owned |
365 |
7,500 |
|
|
Reefer 2 |
Owned |
365 |
4,200 |
|
Company 5 |
Bulk 6 |
35 day voyage charter |
35 |
22,500 |
|
|
Reefer 3 |
60 day voyage charter |
65 |
8,100 |
|
|
Bulk 7 |
47 day voyage charter |
47 |
24,000 |
The ton-days should be calculated for each ship and apportioned between owned and bareboat chartered vessels and those time or voyage chartered-in. Where a vessel is chartered within a group, it should only be counted at its highest level of control. Non-qualifying vessels should be disregarded.
|
Ship |
Net tonnage |
No. of days |
Ton-Days |
Ton-Days Owned |
Ton-Days Chartered-in |
|
Bulk 1 |
11,000 |
365 |
4,015,000 |
4,015,000 |
0 |
|
Bulk 2 |
2,800 |
365 |
1,022,000 |
1,022,000 |
0 |
|
Bulk 3* |
22,500 |
365 |
0 |
0 |
0 |
|
Bulk 4 |
22,500 |
365 |
8,212,500 |
8,212,500 |
0 |
|
Bulk 1** |
11,000 |
365 |
0 |
0 |
0 |
|
Bulk 5 |
21,000 |
365 |
7,665,000 |
0 |
7,665,000 |
|
Reefer 1 |
7,500 |
365 |
2,737,500 |
2,737,500 |
0 |
|
Reefer 2 |
4,200 |
365 |
1,533,000 |
1,533,000 |
0 |
|
Bulk 6 |
22,500 |
35 |
787,5000 |
0 |
787,5000 |
|
Reefer 3 |
8,100 |
65 |
526,500 |
0 |
526,500 |
|
Bulk 7 |
24,000 |
47 |
1,128,000 |
0 |
1,128,000 |
|
Totals |
|
|
34,714,500 |
17,520,000 |
17,194,500 |
* Bareboat charter-out makes Bulk 3 a non-qualifying ship, which is disregarded
** Bulk 1 has been chartered intra-group, so is also disregarded.
So the percentage is 17,194,500/34,714,500 x 100 = 49.5% (below the 75% limit).
References
|
How to calculate 75% limit |
