TTM11000 - Offshore Activities
Introduction
This section details the treatment for offshore activities. It explains why there is different treatment for these profits, what is meant by the term “offshore activities” and how the rules apply to particular types of vessel. It also explains how offshore profits are computed.
Table of contents
Outline
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Outline of special provisions for offshore activities |
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Meaning of ‘offshore activities’ |
Types of vessel
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Different types of vessel and their treatment |
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Vessels to which special rules apply |
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Vessels to which special rules do not apply |
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Vessels outside Tonnage Tax |
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De minimis activity ignored |
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Periods of inactivity |
Offshore profits
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Outline of offshore profits |
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Computational rules |
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Example computations of offshore profits |
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Pre-commencement losses |
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Pre-commencement losses: Example |
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Chargeable gains |
Capital allowances
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Outline of capital allowance code for offshore activities |
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Assets held before entry |
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Assets acquired after entry |
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Proportional reduction of allowances |
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Example |
Allowance for training costs
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Allowance for training costs: Overview |
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Allowance for training costs: Computational procedure |
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Allowance for training costs: Example |
