Land is excluded from paragraph (c) of subsection (1) of section 247 if—
it is a dwelling-house or part of a dwelling-house (or an interest in or right over a dwelling-house), and
by virtue of, or of any claim under, any provision of sections 222 to 226 the whole or any part of a gain accruing on a disposal of it by the landowner at a material time would not be a chargeable gain;
and for the purposes of this subsection "a material time" means any time during the period of 6 years beginning on the date of the acquisition referred to in the said paragraph (c).
Where the new land is a depreciating asset, within the meaning of section 154, that section has effect as if—
any reference in subsection (1) or subsection (4) to section 152 or 153 were a reference to subsection (2) or subsection (3) respectively of section 247; and
paragraph (b) of subsection (2) were omitted; and
the reference in subsection (5) to section 152(3) were a reference to that provision as applied by section 247(5).
No claim may be made under section 243 in relation to a transfer which constitutes a disposal in respect of which a claim is made under section 247.
Expressions used in this section have the same meaning as in section 247.