TTM06000 - Relevant Shipping Profits
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.
Table of contents
Outline and definitions
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Outline |
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Meaning of ‘relevant shipping profits’ |
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Relevant shipping income |
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Tonnage tax activities |
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Prior year adjustments |
Core qualifying activities
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Core qualifying activities |
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Core qualifying Activities: Examples |
Qualifying secondary activities
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Qualifying Secondary Activities |
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Wholly qualifying secondary activities |
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Secondary activities qualifying up to set limits |
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Work carried out for third parties |
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Work carried out for third parties: Activities outside ring fence |
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Betting and gambling |
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Sale of luxury goods |
Qualifying incidental activities
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Qualifying incidental activities |
Non-qualifying activities
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Non-qualifying activities |
Distributions from overseas shipping companies
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Outline |
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Conditions |
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Meeting the conditions |
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Timing |
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Timing: Example |
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‘Subject to tax’ |
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Disposal of overseas business |
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CFC legislation |
Investment income etc
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Exclusion of investment income |
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Certain interest etc |
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Certain interest etc: Examples |
Miscellaneous
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Merchant adventurers |
