INTRODUCTION

Related Commentary  Related HMRC Manuals

44(1)  For the purposes of this Schedule the relevant shipping profits of a tonnage tax company are–

(a)its relevant shipping income (as defined below), and

(b)so much of its chargeable gains as is effectively excluded from the charge to tax by the provisions of Part VIII of this Schedule.

44(2)  The “relevant shipping income”  of a tonnage tax company means–

(a)its income from tonnage tax activities (see paragraphs 45 to 48), and

(b)any income that is relevant shipping income under–

paragraph 49 (distributions of overseas shipping companies), or

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