19(1)Section 314 of the [1952 c. 10.] Income Tax Act 1952 (allowances for capital expenditure on farm buildings and works) shall be amended in accordance with the following sub-paragraphs.
(2)In subsection (1) the words " the year preceding any year of assessment" shall be omitted, and for the words from " he shall be entitled " onwards there shall be substituted the words " writing-down allowances shall be made to him in respect of that expenditure during a writing-down period of ten years beginning with the chargeable period related to that expenditure ".
(3)In subsection (4) for paragraphs (a) and (b) there shall be substituted—
“for the part of the writing-down period falling after the date of the transfer the person to whom the interest is transferred shall, to the exclusion of the person from whom it is transferred, be entitled to the allowances (any allowance to either of them for a chargeable period falling partly before and partly within that part of the writing-down period being reduced accordingly):
Provided that, where the interest transferred is in part only of the land, this subsection shall apply to so much of the allowance as is properly referable to that part of the land as if it were a separate allowance”.
(4)In subsection (7) for the words "In this section, references to the year preceding the year of assessment shall be construed as references to " there shall be substituted the words " For the purposes of this section the basis period of a chargeable period is " (the words " that chargeable period " being also substituted for the words " that year " ).