Tonnage Tax
Overview
This section is designed to calculate 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.
- Tonnage tax
- This optional sheet lets you analyse information on the ships you hold that are within the Tonnage tax regime.
- Tonnage tax frozen
- This additional sheet tracks capital allowances that were due to your company when you entered the Tonnage tax regime, it also calculates adjustments that are due on the sale of any of these assets.
- Tonnage tax information
- This optional sheet lets users complete the mandatory questions on pages 1 and 2 of the CT600F return.
- CT600F return
- CT600F is the CT600 supplementary page for Tonnage tax. This sheet summarises information on the ships that are operated and subject to this tax.
Completing the Sheets
Tonnage tax
You must insert the Tonnage tax sheet from the Insert sheet menu if you are subject to the Tonnage tax regime. 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. In the Tonnage tax sheet you should add rows for each ship you would like to analyse. The Business drop down menu lets you allocate each ship to the relevant business in case there is more than one within the computation. Additional columns are automatically inserted for each Accounting period in your calculation.
Tonnage tax frozen pool
When your company enters the Tonnage tax regime you should use the relevant data entry cells within the Main pool, Special rate pool and Ships allowances to transfer the relevant amounts to this sheet. When any of the assets within the pool are sold a balancing charge will be calculated where applicable. Additional columns are automatically inserted for each Accounting period in your calculation.
Tonnage tax information
This sheet will need to be completed whenever the CT600F is included with the tax return and it completes the mandatory questions on pages 1 and 2 of the CT600F.
CT600F return
This is a review sheet on which you cannot perform any analysis and will be populated automatically from the Tonnage tax sheet.
note
Each ship's name and IMO number are carried forward to the following period.