Finance Act, 1969
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Amendment of section 255 of Income Tax Act, 1967. |
64.—(1) Section 255 (1) of the Income Tax Act, 1967 , is hereby amended by the insertion after paragraph (d) of “and, in particular, the said expression includes any building or structure provided by the person carrying on such a trade or undertaking for the recreation or welfare of workers employed in that trade or undertaking and in use for that purpose”. | |
(2) Section 255 of the Income Tax Act, 1967 , is hereby amended— | ||
(a) by the insertion after “holiday camp” in the proviso to subsection (1) of “or a building or structure in use as a holiday cottage and comprised in premises registered in any register of holiday cottages established by Bord Fáilte Éireann under the provisions of any Act of the Oireachtas passed after the passing of the Finance Act, 1969”, and | ||
(b) by the insertion in subsection (4) (a) after “dwelling-house” in each place where it occurs of “(other than a holiday cottage referred to in the proviso to subsection (1))”. | ||
(3) Where a building or structure which falls to be regarded as an industrial building or structure by virtue of subsection (2) ceases to be comprised in premises registered in a register referred to in the said section 255 in such circumstances that section 265 of the Income Tax Act, 1967 , does not apply, the relevant interest in the building or structure shall, for the purposes of Part XVI of the Income Tax Act, 1967 , other than section 264 (3), be deemed upon such cesser to have been sold while the building or structure was an industrial building or structure and the net proceeds of the sale shall be deemed, for those purposes, to be an amount equal to the capital expenditure incurred on the construction of the building or structure. | ||
(4) Where a balancing charge is made under the said section 265 by virtue of subsection (3) and the relevant interest in the building or structure is not subsequently sold by the person on whom the charge is made while the building or structure is not an industrial building or structure, that person shall, if the building or structure again becomes comprised in a premises registered in a register referred to in the said section 255, be treated for the purposes of Part XVI of the Income Tax Act, 1967 , as if, at the time of the cesser referred to in subsection (3), he were the buyer of the relevant interest deemed under that subsection to have been sold. | ||
(5) (a) Subsection (1) shall have effect in relation to capital expenditure incurred on or after the 6th day of April, 1969. | ||
(b) Subsections (2) to (4) shall have effect in relation to capital expenditure incurred on or after the 1st day of July, 1968. |