Chargeable gains from tonnage tax assets treated as capital gains, with written down value substituted for qualifying asset blocks. Gains from transfer of assets within the tonnage taxation regime are taxable as capital gains under the income tax capital gains provisions; for computation, references to the written down value of the block of assets must be read as references to the written down value of the block of qualifying assets, determined by the tonnage tax chapter's written down value rule.
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Provisions expressly mentioned in the judgment/order text.
Chargeable gains from tonnage tax assets treated as capital gains, with written down value substituted for qualifying asset blocks.
Gains from transfer of assets within the tonnage taxation regime are taxable as capital gains under the income tax capital gains provisions; for computation, references to the written down value of the block of assets must be read as references to the written down value of the block of qualifying assets, determined by the tonnage tax chapter's written down value rule.
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