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of <h1>Tonnage tax rules: core shipping income included, incidental income over 0.25% excluded, market-value transfers required</h1> A tonnage tax company's relevant shipping income comprises profits from specified core activities (operations of qualifying ships and defined ship-related trades and contracts) and prescribed incidental activities, but incidental income exceeding 0.25% of core turnover is excluded and taxed otherwise. The Government may exclude or limit listed activities by notification. Income from non-qualifying ships is taxed under general provisions. Transfers between tonnage and non-tonnage businesses must be valued at market value for computing relevant shipping income, with the tax authority empowered to adopt reasonable bases or adjust income where arrangements yield abnormal profits or present exceptional difficulties. Common costs, depreciation allocation and book-profit exclusion rules are prescribed.
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