Paragraph 51

United Kingdom

(1)

Income from investments is not relevant shipping income.

(2)

To the extent that an activity gives rise to income from investments it is not regarded as part of a company’s tonnage tax activities.

F1(3)

For the purposes of this paragraph “income from investments” includes anything chargeable to tax under—

(a)

Part 4 of the Corporation Tax Act 2009 (property income),

(b)

section 299 of that Act (loan relationships: non-trading profits),

F2(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d)

Chapter 7 of F3Part 10 of that Act (annual payments not otherwise charged) F4, or

(e)

regulation 15 of the Unauthorised Unit Trusts (Tax) Regulations 2013.

(5)

Sub-paragraph (1) above does not affect income that is relevant shipping income under—

paragraph 49 (distributions of overseas shipping companies), or

paragraph 50 (certain interest etc.).

Annotations

F1: Sch. 22 para. 51(3) substituted for Sch. 22 para. 51(3)(4) (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 470(3) (with Sch. 2 Pts. 1, 2)
F2: Sch. 22 para. 51(3)(c) omitted (6.4.2014) by virtue of The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 35(a) (with reg. 32)
F3: Words in Sch. 22 para. 51(3)(d) substituted (6.4.2014) by The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 35(b) (with reg. 32)
F4: Sch. 22 para. 51(3)(e) and word inserted (6.4.2014) by The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 35(c) (with reg. 32)