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Tonnage tax |
See Also
Adjustment of profit | Deferral of balancing charges | Expense analysis | Profit and loss account / Income statement (D schedule) | Tonnage tax frozen pool
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
The schedule applies to accounting periods starting on or after 1/1/2000 and calculates the charge to tax based on the tonnage of a ship, with all shipping activity items being excluded from the calculation of chargeable profits; e.g. capital allowances.
The full tonnage tax provisions are covered on the HMRC web site. A Statement of Practice for tonnage tax (SP4/2000), which gives information of administrative practice, is also available.
The Tonnage tax schedule is developed from the Tax within the main A schedule. Alternatively it may be developed from the Link tonnage tax within the suite of 'D' of schedules from an amount shown directly on the face of the Profit and Loss account or itemised as a separate row within an Expense analysis schedule.
The cells are described in more detail:
Description/Tonnage
A description of the ship and its weight in tonnes should be entered. The derived annual profit is calculated using a daily rate per 100 net tons; the daily rate decreases as the tonnage bandwidth increases.
Percentage ownership
The software assumes the percentage ownership is 100% by default; the user can amend this accordingly.
Days in use/Days in use if different
The system defaults to the total number of days in the period. This may be amended manually by the user in the Days in use if different field.
Share of derived profit
The software computes the charge to tax automatically, which is then posted to the Adjustment of profit schedule.
Details of (income)/expenditure
Amounts linked in from the 'D' schedules will be analysed in the bottom part of the screen. The net total derived will be transferred to the Adjustment of profit schedule, where it is treated as a trading add-back/deduction accordingly.
The schedule has no standard sub-schedules.
Each ship's name, IMO number, net tonnage, interest type and percentage ownership are carried forward to the following period.
© 2009 Thomson Reuters.