Commentary

D7.1016 Tonnage tax—chargeable gains and allowable losses

Corporate tax
Corporate tax | Commentary

D7.1016 Tonnage tax—chargeable gains and allowable losses

Corporate tax | Commentary

D7.1016 Tonnage tax—chargeable gains and allowable losses

A tonnage tax asset is an asset used wholly and exclusively for tonnage tax activities carried out by a tonnage tax company. An asset that is used partly for non-tonnage tax activities is not a tonnage tax asset. However, if part of an asset is used wholly and exclusively for tonnage tax activities, that part of the asset is a tonnage tax asset. Shares and other investments are not tonnage tax assets even if income arising from the assets is relevant shipping income1.

Allowable gains/losses

A gain or loss arising on an asset which

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