(1) Where a tonnage tax company also carries on any business or activity other than the tonnage tax business, common costs attributable to the tonnage tax business shall be determined on a reasonable basis.
(2) Where any asset, other than a qualifying ship, is not exclusively used for the tonnage tax business by the tonnage tax company, depreciation on such asset shall be allocated between its tonnage tax business and other business on a fair proportion to be determined by the Assessing Officer, having regard to the use of such asset for the purpose of the tonnage tax business and for the other business.
Section 115VJ Treatment of common costs
Section 115VL General exclusion of deduction and set off, etc
Section 115VM Exclusion of loss
Section 115VN Chargeable gains from transfer of tonnage tax assets
Section 115VO Exclusion from provisions of section 115JB
Section 115VP Method and time of opting for tonnage tax scheme
Section 115VQ Period for which tonnage tax option to remain in force
Section 115VR Renewal of tonnage tax scheme
Section 115VS Prohibition to opt for tonnage tax scheme in certain cases