Gains arising on the disposal of a tonnage tax assets are not treated in the usual way, as explained below. A tonnage tax asset is an asset used wholly and exclusively for tonnage tax activities carried out by a tonnage tax company. An asset that is used partly for non-tonnage tax activities is not a tonnage tax asset. However, if part of an asset is used wholly and exclusively for tonnage tax activities, that part of the asset is a tonnage tax asset.
Shares and other investments are not tonnage tax assets even if income arising from the assets is relevant shipping income1.
Allowable gains/losses
A gain or loss arising on an asset which is, or has been, a tonnage
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