Tonnage tax losses exclusion - pre-scheme shipping losses limited to set-off against shipping income under the scheme. Pre-option losses attributable to the tonnage tax business are to be treated as if set off against relevant shipping income in any previous year while the ... Summary
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Tonnage tax losses exclusion - pre-scheme shipping losses limited to set-off against shipping income under the scheme.
Pre-option losses attributable to the tonnage tax business are to be treated as if set off against relevant shipping income in any previous year while the company remains under the tonnage tax scheme; such losses may not be set off against non-shipping income in any year beginning on or after the company's option, and any apportionment to identify such losses must be made on a reasonable basis.
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