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of <h1>Companies operating qualifying ships can elect tonnage taxation under specific tonnage rules; income treated as business profits (secs 28-43C)</h1> A company carrying on the business of operating qualifying ships may, by election, compute income from that business under the specific tonnage rules of this Chapter, notwithstanding the usual provisions of sections 28 to 43C; such computed tonnage income is treated as the profits and gains of the business and taxed under the head 'Profits and gains of business or profession.' The provision (inserted by finance legislation) has effect from April 1, 2005.
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