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of <h1>Shipping tonnage tax covers core ship activities and capped incidental income; non-qualifying ships and transfers taxed differently</h1> Relevant shipping income for a tonnage tax company comprises profits from core activities-operating qualifying ships and prescribed ship- or inland-vessel-related activities (including pooling arrangements, contracts of affreightment, passenger on-board/on-shore fares and related sales, slot/space/joint charters, feeder services and container leasing)-and prescribed incidental activities, subject to a cap where incidental income exceeding one-fourth of one per cent of core turnover is excluded from tonnage tax treatment. The government may exclude or limit specified activities by notification. Income from non-qualifying ships is taxed under other provisions. Transfers between businesses must be valued at market value for computation; the assessing officer may apply reasonable bases if difficulties arise and may adjust income for connected-party arrangements. Tonnage tax losses are ignored.
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