Section 62 amends the scheme of tonnage tax for shipping companies introduced in the Finance Act 2002 to conform to EU requirements. Tonnage tax is a scheme whereby, as an alternative to charging corporation tax on certain profits of a qualifying shipping company, a tax charge is levied each year instead on the tonnage of the ships operated by the company. The amendments to the scheme include confining the tonnage tax regime to profits derived from shipping activities and a requirement for separate accounting where a company engages in tonnage tax activities and other activities.