Commentary

D7.1001 Tonnage tax—introduction

Corporate tax
Corporate tax | Commentary

D7.1001 Tonnage tax—introduction

Corporate tax | Commentary

Division D7.10     Shipping companies and tonnage tax

Reviewed by
CHERYL SCOTT

For updates affecting this Division please see Part D0 Updates

Tonnage tax—overview

D7.1001 Tonnage tax—introduction

Tonnage tax is an alternative charge to corporation tax on relevant shipping profits (D7.1014). It enables certain shipping companies to elect to pay corporation tax on notional profits, rather than on actual commercial profits, in respect of their shipping operations. The primary legislation is contained in FA 20001. The tonnage tax regime was introduced as part of a package of measures to help reverse the decline in the UK shipping industry by increasing the direct ownership

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