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Change year: 2012

Section 697K General exclusion of investment income

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Amendments

Section 697K inserted by Finance Act 2002 section 53(1) (as amended by Finance Act 2003 section 62) from 28 March 2003.

(1) Income from investments shall not be relevant shipping income, and for this purpose "income from investments" includes any income chargeable to tax under Case III, IV or V of Schedule D or under Schedule F.

Does investment income qualify as relevant shipping income?

(1) Income from investments, i.e., income chargeable under Schedule D Case III, IV or V or Schedule E, does not qualify as "relevant shipping income" for tonnage tax purposes.

(2) To the extent that an activity gives rise to income from investments it shall not be regarded as part of a company's tonnage tax activities.

Is an activity which gives rise to investment income part of my company's tonnage tax activities?

(2) An activity which gives rise to income from investment is not regarded as part of your company's tonnage tax activities.

(3) Subsection (1) shall not apply to income that is relevant shipping income under [section 697H]1.

Amendments

1 Substituted by Finance Act 2007 section 128 and Schedule 4 para 1(t) for accounting periods ending on or after 1 January 2007.

Are there any exceptions to the exclusion for investment income?

(3) The investment income exclusion in (1) does not apply to:...

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