Tonnage tax scheme: optional regime treating qualifying shipping profits as tonnage income chargeable under business profits. Tonnage tax scheme provides an optional tax regime where a company operating qualifying ships computes profits from that business as tonnage income. ... Summary
Tonnage tax scheme: optional regime treating qualifying shipping profits as tonnage income chargeable under business profits.
Tonnage tax scheme provides an optional tax regime where a company operating qualifying ships computes profits from that business as tonnage income. Companies operating ships include ownership or various charter arrangements but exclude vessels chartered out on bareboat or bareboat-cum-demise terms beyond three years. The tonnage tax business is treated as a separate business with profits computed and accounted for separately; tonnage income is deemed profits under business and gains, and specified relevant shipping income is not chargeable to tax.
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