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          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.

          Provisions expressly mentioned in the judgment/order text.

          <h1>Tonnage tax scheme: optional regime treating qualifying shipping profits as tonnage income chargeable under business profits.</h1> 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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