Section 455 | Shipping companies subject to tonnage tax

(1)This section applies in relation to an accounting period of a tonnage tax company.

(2)The company's tonnage tax profits for the accounting period are treated as nil for the purpose of calculating the company's adjusted corporation tax earnings for the accounting period under section 406(2).

(3)In this section “tonnage tax company” and “tonnage tax profits” have the same meaning as in Schedule 22 to FA 2000 (see paragraphs 2 to 5).