Taxes Consolidation Act, 1997 (Number 39 of 1997)
[1]>
669B Annual allowances for capital expenditure on purchase of milk quota.
(1) Where, on or after 6 April 2000, a person incurs qualifying expenditure on the purchase of a qualifying quota, there shall, subject to and in accordance with this Chapter, be made to that person writing-down allowances during the writing-down period as specified in subsection (2); but no writing-down allowance shall be made to a person in respect of any qualifying expenditure unless the allowance is to be made to the person in taxing the person’s trade of farming.
(2) The writing-down period referred to in subsection (1) shall be 7 years commencing with the beginning of the chargeable period related to the qualifying expenditure.
(3) The writing-down allowances to be made during the writing-down period referred to in subsection (2) in respect of qualifying expenditure shall be determined by the formula—
A |
× |
B |
|
C |
where—
[2]>
A is the amount of the capital expenditure incurred on the purchase of the milk quota,
<[2]
[2]>
A is the amount of the qualifying expenditure incurred on the purchase of the milk quota,
<[2]
B is the length of the part of the chargeable period falling within the writing-down period, and
C is the length of the writing-down period.
<[1]