Section 253 of the Principal Act is amended by inserting the following after subsection (7):

"(8) Notwithstanding subsection (7), the deduction authorised by that subsection shall not exceed -

(a) as respects the year of assessment 2014, 75 percent of the deduction that would but for this subsection be authorised by that subsection,

(b) as respects the year of assessment 2015, 50 percent of the deduction that would but for this subsection be authorised by that subsection,

(c) as respects the year of assessment 2016, 25 percent of the deduction that would but for this subsection be authorised by that subsection, and

(d) as respects the year of assessment 2017 and each subsequent year of assessment, zero per cent of the deduction that would but for this subsection be authorised by that subsection.

(9) This section shall not apply to a loan made after 15 October 2013.

(10) Subsections (8) and (9) shall not apply to a loan referred to in subsection (1) where the partnership is a farming partnership within the meaning of section 598A.

(11) Subsection (9) shall not apply to a loan made after 15 October 2013 which is applied in paying off another loan to an individual used to defray money applied under paragraph (a), (b) or (c) of subsection (1), provided-