Tonnage tax computation restricts shipping-business deductions, loss set-offs and depreciation treatment while governing pre-option losses.

Section 230 restricts deductions, losses and set-off in computing tonnage income under the tonnage tax scheme. Specified losses from operating qualifying ships arising during the scheme cannot be carried forward or set off, and Chapter VIII deductions are unavailable against qualifying shipping profits. Depreciation is deemed to have been claimed and allowed when determining written-down value. Pre-option losses attributable to the tonnage tax business are treated as set off against relevant shipping income and cannot be set off against other income after the option is exercised.

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