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of <h1>Shipping companies may deduct up to 50% of profits into a reserve with caps, eight-year use rules and tax penalties</h1> Companies formed to operate ships may deduct up to fifty percent of shipping profits by crediting that amount to a reserve, subject to a cap where the reserve exceeds twice paid-up capital plus general reserves and share premium; transitional and repeal provisions limited higher relief and removed the deduction for years commencing on/after 1 April 2005. Amounts in the reserve must be used within eight years to buy a new ship or for business purposes (excluding dividends, profit remittances or assets outside India). Misapplication, failure to use, or sale of an acquired ship within three years (or sale after three years without reinvestment within one year) results in the reserve being treated as taxable profits.
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