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(1)In subsection (1) of section 68 of the [1968 c. 3.] Capital Allowances Act 1968 (writing-down allowances for agricultural and forestry buildings and works) for the words from " writing-down allowances shall be made to him" onwards there shall be substituted the words " there shall be made to him—
(a)for the chargeable period related to the incurring of that expenditure, an initial allowance of an amount equal to one-fifth of that expenditure; and
(b)during a writing-down period of eight years beginning with that period, writing-down allowances of an aggregate amount equal to four-fifths of that expenditure."
(2)After subsection (3) of that section there shall be inserted—
“(3A)A person in making a claim by virtue of this section as it applies for income tax purposes in respect of the chargeable period mentioned in paragraph (a) of subsection (1) above may require the initial allowance to be reduced to a specified amount, and a company may by notice in writing given to the inspector not later than two years after the end of that period disclaim the initial allowance or require it to be so reduced; and
(a)where the initial allowance is not claimed or, in the case of a company, is disclaimed, the period and amount mentioned in paragraph (b) of that subsection shall be ten years and the whole amount of the expenditure; and
(b)where the initial allowance is reduced, that period and amount shall be a fraction of the period of ten years and of the whole amount of the expenditure equal to the fraction of the whole amount of the expenditure that remains after deducting the part covered by the initial allowance.”
(3)In subsection (4) of that section for the words " an allowance " there shall be substituted the words " a writing-down allowance ".
(4)In section 74 of the said Act of 1968 after subsection (5) there shall be inserted—
“(6)All such assessments and adjustments of assessments shall be made as are necessary to give effect to any notice given by a company under section 68(3A) of this Act.”
(5)This section applies in relation to expenditure incurred after 11th April 1978.
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