Finance Act 2000

General exclusion of investment income

51 (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.

(3) For the purposes of this paragraph “income from investments” includes—

(a) any income chargeable to tax under Schedule A or Case III of Schedule D, and

(b) any equivalent foreign income.

(4) “Equivalent foreign income” means income chargeable under Case V of Schedule D that—

(a) consists in income of an overseas property business, or

(b) is equivalent to a description of income chargeable to tax under Case III of Schedule D but arises from a possession outside the United Kingdom.

(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.).