Tonnage tax election lets qualifying ship operators compute business income under special shipping provisions for tax purposes. Section 225 permits a company operating qualifying ships to elect computation of income under Part G's special shipping provisions. Income so computed is ... Summary
Tonnage tax election lets qualifying ship operators compute business income under special shipping provisions for tax purposes.
Section 225 permits a company operating qualifying ships to elect computation of income under Part G's special shipping provisions. Income so computed is deemed profits and gains of business chargeable under "Profits and gains of business or profession". The provision corresponds to the former tonnage-tax framework under section 115VA, but recasts its overriding clause to operate irrespective of sections 26 to 54, except sections 50 and 53.
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