TTM17296 - Schedule 22 Finance Act 2000: Relevant Shipping Profits

General exclusion of investment incomeFA00/SCH22/PARA51

(1) Income from investments is not relevant shipping income.

(2) To the extent that an activity gives rise to income from investments it is not regarded as part of a company's tonnage tax activities.

(3) For the purposes of this paragraph "income from investments" includes-

(a) any income chargeable to tax under Schedule A or Case III of Schedule D, and

(b) any equivalent foreign income.

(4) "Equivalent foreign income" means income chargeable under Case V of Schedule D that-

(a) consists in income of an overseas property business, or

(b) is equivalent to a description of income chargeable to tax under Case III of Schedule D but arises from a possession outside the United Kingdom.

(5) Sub-paragraph (1) above does not affect income that is relevant shipping income under-

paragraph 49 (distributions of overseas shipping companies), or

paragraph 50 (certain interest etc.).

References