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of <h1>Section 229: How to apportion written down value, depreciation and capital gains for vessels entering tonnage tax scheme</h1> Section 229 provides rules for computing depreciation and capital gains when ships/inland vessels enter a tonnage tax scheme: the written down value (WDV) of the existing asset block on the first day of the scheme is apportioned between qualifying (tonnage) and other assets by formula, creating separate blocks; transfers between blocks on change of use are reallocated by formula. Depreciation for such assets is apportioned by days of use for each purpose and treated as if the apportioned WDV had been carried forward. Capital gains on disposals of qualifying assets are taxable and calculated using the block of qualifying assets' WDV.
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