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of <h1>Tonnage tax year one depreciation: split ship WDV into qualifying and other asset blocks by prior year book WDV</h1> For computing depreciation in the first previous year under the tonnage tax scheme, the written down value (WDV) of the ship asset block is split into a separate qualifying-asset block and an other-asset block in proportion to their book WDVs as on the first day of that year; that qualifying block is treated separately for depreciation. Book WDV is taken from accounts as at the prior year-end, ignoring post-enactment revaluations. When an asset changes use between tonnage-tax and other business, an appropriate portion of WDV is shifted between blocks and depreciation for that year is apportioned by days of use.
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