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(1)Where in the case of an estate which consists of or includes agricultural land—
(a)provision is made in sections 25 to 32 for the deduction of a sum in respect of payments in a chargeable period for maintenance, repairs, insurance or management of the estate, or in respect of allowances for machinery or plant provided for use or used on the estate, and
(b)owing to the insufficiency of rents and receipts to which the owner of the estate becomes entitled in that period, whether from the estate or from other property, the sum in question cannot be deducted (other amounts deductible under Schedule A being treated as deductible in priority thereto),
then, subject to subsection (2) below, the sum in question shall be treated as if it were the amount of an allowance falling to be made under the 1968 Act by way of discharge or repayment of tax, and available primarily against agricultural income as defined in section 69 of that Act.
(2)The sum in question shall not exceed the sum which would have fallen to be so treated if—
(a)the estate had not included such parts thereof as were used wholly for purposes other than purposes of husbandry, and
(b)payments or allowances in respect of parts thereof which were used partly for purposes of husbandry and partly for other purposes were reduced to an extent corresponding to the extent to which those parts were used for other purposes.
(3)In this section—
“agricultural land” means land, houses or other buildings in the United Kingdom occupied wholly or mainly for the purposes of husbandry; and
“estate” means any land (including any houses or other buildings) managed as one estate.
(4)Sections 71 and 74 of the 1968 Act shall apply as if this section were contained in Part I of that Act.
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