Method of calculation

Gross and net tonnage

Gross tonnage is used when deciding whether a ship is qualifying, for which it must be 100 gross tons or more, (see TTM03500).

Net tonnage is used in the actual calculation of tonnage tax profit, (see TTM01330).

Further description of the tonnage of ships and its various forms is set out in TTM15020.

Method of calculation

The legislation provides for a calculation of the tonnage tax profits in four steps, although in practice the stages may be combined.

Step One – the daily profit

Determine the daily profit for each qualifying ship by reference to the following table:

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