Relevant shipping income: Tonnage tax treatment covers qualifying shipping profits while restricting incidental income and requiring market-value adjustments.

Relevant shipping income of a tonnage tax company comprises profits from core activities and prescribed incidental activities. Incidental-activity income exceeding 0.25% of turnover from core activities is excluded and taxable under other provisions of the Act. Core activities include operation of qualifying ships, pooling arrangements, contracts of affreightment, specified passenger shipping activities, and container-shipping activities. Transfers between tonnage tax and other businesses must be computed at market value where recorded consideration differs from that value.

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