Tonnage tax assets: allocation of written down value, separate depreciation blocks, and capital gains computation. On first tax year the existing block's written down value is apportioned between qualifying assets and other assets by reference to their book written down values at the end of the preceding tax year, creating separate blocks for depreciation; movements between blocks cause apportioned transfers of written down value by formula and depreciation for assets changing use is allocated by days of use; capital gains on disposals of qualifying assets are chargeable and computed under the capital gains provisions with section 74 applied to the block of qualifying assets.
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Tonnage tax assets: allocation of written down value, separate depreciation blocks, and capital gains computation.
On first tax year the existing block's written down value is apportioned between qualifying assets and other assets by reference to their book written down values at the end of the preceding tax year, creating separate blocks for depreciation; movements between blocks cause apportioned transfers of written down value by formula and depreciation for assets changing use is allocated by days of use; capital gains on disposals of qualifying assets are chargeable and computed under the capital gains provisions with section 74 applied to the block of qualifying assets.
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