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Amendment of section 12 of Principal Act.
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81.—Section 12 of the Principal Act is hereby amended—
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(a) by the insertion of the following subsection after subsection (1)—
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“(1A) (a) A person who, by election or in accordance with the provisions of section 8 (4) is deemed to become an accountable
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person, shall, in accordance with regulations, be entitled, in computing the amount of tax payable by him in respect of the first taxable period for which he is so deemed to be an accountable person, to treat as tax deductible under subsection (1) such part of the value of the stock-in-trade (within the meaning of section 34) held by him immediately before the commencement of that taxable period as could reasonably be regarded as the amount which he would be entitled to claim under the said subsection (1) if he had been an accountable person at the time of the delivery to him of such stock-in-trade.
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(b) No claim shall lie under this subsection for a deduction for the tax relating to any stock-in-trade (within the meaning of section 34) if, and to the extent that, a deduction under subsection (1) could be claimed apart from this subsection.
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(c) This subsection shall have effect in relation to taxable periods commencing on or after the 3rd day of September, 1973.”, and
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(b) by the deletion in subsection (1) of paragraph (e).
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