Commentary

D7.1013 Tonnage tax profits

Corporate tax
Corporate tax | Commentary

D7.1013 Tonnage tax profits

Corporate tax | Commentary

Operation of the regime

D7.1013 Tonnage tax profits

The tonnage tax regime operates by charging tonnage tax profits (below) to corporation tax and excluding relevant shipping profits (D7.1014) from the charge to corporation tax. The tonnage tax regime is very tightly 'ring fenced' to ensure that only income and expenses that properly belong to the ship operation trade are included within relevant shipping profits, and that all other income and expenses are taxed under the normal corporation tax rules (see (D7.1015–D7.1020).

Calculation of tonnage tax profits

For each ship there is a fixed profit per day per 100 net tons

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