Finance Act, 1959
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Interpretation of certain references to expenditure, etc. |
66.—(1) References in this Part of this Act to capital expenditure and capital sums— | |
(a) in relation to the person incurring the expenditure or paying the sums, do not include any expenditure or sum which is allowed to be deducted in computing, for the purposes of income tax, the profits or gains of a trade, profession, office, employment or vocation carried on or held by him, and | ||
(b) in relation to the person receiving the amounts expended or the sums in question, do not include references to any amounts or sums which fall to be taken into account as receipts in computing the profits or gains of any trade, profession, office, employment or vocation carried on or held by him, | ||
and do not include, in relation to any such person as aforesaid, any expenditure or sum in the case of which a deduction of tax falls or may fall to be made, otherwise than by virtue of the provisions of Chapter III of this Part of this Act relating to charges on capital sums received for patent rights, under Rule 19 or Rule 21 of the General Rules. | ||
(2) Any reference in this Part of this Act to the date on which expenditure is incurred shall be construed as a reference to the date when the sums in question become payable. | ||
(3) Expenditure shall not be regarded for any of the purposes of this Part of this Act as having been incurred by any person in so far as it has been or is to be met directly or indirectly by the State, by any board established by statute or by any public or local authority: | ||
Provided that in considering whether any and, if so, what, balancing charge is to be made on a person under Chapter II of this Part of this Act in respect of any machinery or plant provided before the 15th day of April, 1959, this subsection shall not apply. |