Tear and wear deductions

(1) In ascertaining the chargeable income of any person engaged in a trade, business, profession or vocation, there shall be allowed as a deduction a reasonable amount for exhaustion by wear and tear of any industrial building, any qualifying hotel building, and any plant and machinery owned by him arising out of the use or employment of such industrial building or qualifying hotel building or of such plant or machinery for the purpose of his trade, business, profession or vocation during the basis year, in the manner and, as regards industrial buildings or qualifying hotel buildings, at the appropriate rate set out in Schedule V. (2) “Qualifying hotel” has the meaning assigned to it in paragraph 2 of Schedule V. Schedule V.