Paragraph 46

(1)

A tonnage tax company’s “core qualifying activities" are—

(a)

its activities in operating F1or managing qualifying ships, and

(b)

other ship-related activities that are a necessary and integral part of the business of operating F2or managing its qualifying ships.

(2)

A company’s activities in operating qualifying ships means the activities mentioned in paragraph 19(1)(a) to (d) by virtue of which the ship is a qualifying ship.

F3(3)

A company’s activities in managing qualifying ships means its participation in the activities mentioned in that paragraph by virtue of which the ship is a qualifying ship.

Annotations

Textual amendments

F1: Words in Sch. 22 para. 46(1)(a) inserted (with effect in accordance with Sch. 8 para. 8 of the amending Act) by Finance Act 2024 (c. 3), Sch. 8 para. 4(a)(i)
F2: Words in Sch. 22 para. 46(1)(b) inserted (with effect in accordance with Sch. 8 para. 8 of the amending Act) by Finance Act 2024 (c. 3), Sch. 8 para. 4(a)(ii)
F3: Sch. 22 para. 46(3) inserted (with effect in accordance with Sch. 8 para. 8 of the amending Act) by Finance Act 2024 (c. 3), Sch. 8 para. 4(b)