Tonnage tax shipping income excludes non-core receipts, while commercially expedient maritime sponsorship remains deductible business expenditure.

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....The Tonnage Tax Scheme confines relevant shipping income to profits from specified core and prescribed incidental shipping activities. Receipts from tender-document sales, contractor-delay damages, leased quarters, training fees, other operating income, and salary recoveries from resigned employees fell outside that scope, whereas scrap and empties sales, exchange differences, waste-oil sales, insurance claims, and provision reversals were treated as connected with dredging operations or not separately taxable. Service charges received differing treatment across assessment years in line with earlier determinations. Sponsorship for a maritime investment event qualified as business promotion expenditure because it had a direct business nexus .........