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Provisions relating to wear and tear and obsolescence.
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247.—(1) For the purposes of ascertaining the amount of any deduction to be allowed to any person under section 241 (1) as representing the diminished value by reason of wear and tear during the year of assessment of any ship, no account shall be taken of a shipping investment allowance in determining the value of the ship at the commencement of the year.
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(2) In section 241 (6) “the deductions on that account, and”, and the expression “the deductions” where that expression occurs before “and allowances”, shall each be construed as not including a reference to any shipping investment allowance made to the person by whom the trade is carried on.
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