(1) The conditions referred to in paragraph (k) of the definition of 'relevant shipping income' in section 697A are -
(a) that the overseas company operates qualifying ships;
(b) that more than 50 per cent of the voting power in the overseas company is held by a company resident in a Member State, or that 2 or more companies each of which is resident in a Member State hold in aggregate more than 50 per cent of that voting power;
(c) that the 75 per cent limit is not exceeded in relation to the overseas company in any accounting period in respect of which the distribution is paid;
(d) that all the income of the overseas company is such that, if it were a tonnage tax company, it would be relevant shipping income;
(e) that the distribution is paid entirely out of profits arising at a time when -
(i) the conditions in paragraphs (a) to (d) were met, and
(ii) the tonnage tax company was subject to tonnage tax;
and
(f) the profits of the overseas company out of which the distribution is paid
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