Where, on or after the 24th day of April, 1992, a person incurs capital expenditure on the acquisition or construction of a building or structure which is, or is to be, an industrial building or structure by virtue of being a holiday cottage within the meaning of section 255 of the Income Tax Act, 1967, and an allowance falls to be made in respect of that expenditure under section 254 (as amended by section 74 of the Finance Act, 1990) or 264 (as amended by section 52 of the Finance Act, 1986) of the Income Tax Act, 1967 -
(i) neither section 307 (as amended by section 27 of the Finance Act, 1990) of the Income Tax Act, 1967, nor
(ii) subsection (2) of section 16 of the Corporation Tax Act, 1976,
shall apply or have effect as respects the whole or part (as the case may be) of any loss which would not have arisen but for the making of the said allowance, and
(b) neither the proviso to subsection (1) of section 296 of the Income Tax Act, 1967, nor subsection (6) of section 14 of