s 375 Effect of acquisition of relevant interest after first use of building
(1) This section applies if— (a) a person (“ the former owner ”) would be entitled to an allowance under this Part in respect of any expenditure if he continued to be the owner of the relevant interest, and (b) another person (“ the new owner ”) acquires the relevant interest in the whole or a part of the related agricultural land. (2) For the purposes of subsection (1)(b), it is immaterial whether the relevant interest is acquired by transfer, by operation of law or otherwise. (3) The former owner— (a) is not entitled to an allowance for any chargeable period after that in which the acquisition occurs, and (b) if the acquisition occurs during a chargeable period, is entitled only to an appropriate part of any writing-down allowance for that period. (4) The new owner— (a) is entitled to allowances for the chargeable period in which the acquisition occurs and for subsequent chargeable periods falling wholly or partly within the writing-down period, and (b) if the acquisition occurs during a chargeable period, is entitled only to an appropriate part of any writing-down allowance for that period. (5) If the new owner acquires the relevant interest in part only of the related agricultural land, subsections (3) and (4) apply to so much only of the allowance as is properly referable to that part of the agricultural land as if it were a separate allowance.