Skip to content
Solved

TTM15010 | Background material: Glossary of technical and shipping terms

From HM Revenue & Customs · Tonnage Tax Manual

Tonnage tax glossary

Many of the technical terms used in tonnage tax are defined in the legislation (and listed in FA00/SCH22/PARA147):

TermStatutory ReferenceManual Reference
75% limit on chartering inFA00/SCH22/PARA37
associate (of an individual):FA00/SCH22/PARA144
bareboat charter termsFA00/SCH22/PARA143TTM15110
bills of lading-TTM15140
brokers and agents of companies-TTM15240
capital allowances (FA00/SCH22/PART9)FA00/SCH22/PARA88 (1)
certificate of non-compliance (with training requirement)FA00/SCH22/PARA32
charter by demise-TTM15110
companyFA00/SCH22/PARA146
company electionFA00/SCH22/PARA7 (1)(a)
conference (liner or shipping)-TTM15210
contracts of affreightment-TTM15100
controlFA00/SCH22/PARA118 (also FA00/SCH22/PARA117)
controlled foreign companyFA00/SCH22/PARA146
core qualifying activitiesFA00/SCH22/PARA46
cost of providing the ship (FA00/SCH22/PART10)FA00/SCH22/PARA96
deadweight tonnage-TTM15020
defeased leasingFA00/SCH22/PARA90TTM10110
demergerFA00/SCH22/PARA121 (1)
demurrage-TTM15150
despatch-TTM15150
dominant party (in relation to a merger)FA00/SCH22/PARA126
entering (or leaving) tonnage taxFA00/SCH22/PARA2 (2)
finance costs (in FA00/SCH22/PARA61 and PARA62)FA00/SCH22/PARA63
finance lease (and lessor and lessee) (in FA00/SCH22/PART10)FA00/SCH22/PARA89 (2)
frozen pool-TTM09010
general average-TTM15230
gross tonnage-TTM15020
groupFA00/SCH22/PARA116
group electionFA00/SCH22/PARA7 (1)(b)
initial periodFA00/SCH22/PARA10 (1) (also FA00/SCH22/PARA11 (2))
Inland Revenue (now HMRC)FA00/SCH22/PARA145
leaving (or entering) tonnage taxFA00/SCH22/PARA2 (2)
lightweight tonnage-TTM15020
liner conference-TTM15210
member of groupFA00/SCH22/PARA116
mergerFA00/SCH22/PARA121 (1)
minimum training obligationFA00/SCH22/PARA24
net tonnage-TTM15020
notional qualifying expenditureFA00/SCH22/PARA110 (1)TTM11300
offshore activities (in PART11)FA00/SCH22/PARA104
offshore profits (in PART11)FA00/SCH22/PARA107 (1)
operating (a ship)FA00/SCH22/PARA18
payments in lieu of training (PILOT)FA00/SCH22/PARA29
pooling and related expressions (in PART9, PART10 and PART11)FA00/SCH22/PARA88 (2) and (3)
protection and indemnity club (P&I)-TTM15220
qualifying activity and qualifying expenditure (in PART9, PART10 and PART11)FA00/SCH22/PARA88 (1)
qualifying companyFA00/SCH22/PARA16 (1) (also FA00/SCH22/PARA17)
qualifying groupFA00/SCH22/PARA16 (2)
qualifying incidental activitiesFA00/SCH22/PARA48
qualifying secondary activitiesFA00/SCH22/PARA47
qualifying shipFA00/SCH22/PARA19 onwards
relevant activities (in relation to ‘dominant party’)FA00/SCH22/PARA126 (3)
relevant shipping incomeFA00/SCH22/PARA44 (2)
relevant shipping profitsFA00/SCH22/PARA44 (1) (also FA00/SCH22/PARA108 (2))
renewal electionFA00/SCH22/PARA15 (1)
shipFA00/SCH22/PARA142
shipping pool-TTM15210
single companyFA00/SCH22/PARA146
subject to Tonnage TaxFA00/SCH22/PARA2 (2)
the 75 per cent limit (on chartered in tonnage)FA00/SCH22/PARA37
thick capitalisation-TTM07400
time charter-TTM15120
tonnageFA00/SCH22/PARA6 (1)
tonnage taxFA00/SCH22/PARA1 (1)
tonnage tax activitiesFA00/SCH22/PARA45 (and see FA00/SCH22/PARA108 (1))
tonnage tax asset (in PART8 and PART11)FA00/SCH22/PARA64
tonnage tax companyFA00/SCH22/PARA2 (1)
tonnage tax electionFA00/SCH22/PARA1(2)
(also PART2)
tonnage tax groupFA00/SCH22/PARA2(1)
tonnage tax pool (PART9)FA00/SCH22/PARA69
tonnage tax profitsFA00/SCH22/PARA3 onwards (also PART11)
tonnage tax tradeFA00/SCH22/PARA53 (1)
training commitmentFA00/SCH22/PARA25 (and see FA00/SCH22/PARA27 (4) and (5), and FA00/SCH22/PARA28 (2))
withdrawal NoticeFA00/SCH22/PARA15ATTM02700
vessel pool-
voyage charter-TTM15130
Worldscale-TTM15170