S.L. 123.1 Art. 7Deductions in relation to date of acquisition of asset.

Where the asset is used in the production of the income for part of the accounting year or year to which a year of assessment refers only owing to the occurrence of any of the following events, the annual deduction for wear and tear in respect of that asset shall be ascertained as set out hereunder:

(a) if the asset is acquired or completed on any date other than that on which the year commences, the deduction shall be calculated as if the asset had been used for the whole year, and

(b) if the asset is sold or otherwise transferred, destroyed or is put out of use as being worn out or obsolete or useless or no longer required, on any date other than that on which the year terminates, no deduction shall be allowed in respect of the year in which that event occurs.