Finance Act, 1982
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Amendment of section 22 (farming: allowances for capital expenditure on construction of building and other works) of Finance Act, 1974. |
16.— Section 22 (inserted by the Corporation Tax Act, 1976 ) of the Finance Act, 1974 , is hereby amended, as respects any capital expenditure incurred on or after the 6th day of April, 1982— | |
(a) by the substitution, for subsection (2), of the following subsection: | ||
“(2) Where a person to whom this section applies incurs, for the purpose of a trade of farming land occupied by him, any capital expenditure on the construction of farm buildings (excluding a building or part of a building used as a dwelling), fences or other works, there shall be made to him during a writing-down period of ten years beginning with the chargeable period related to that expenditure, writing-down allowances (in this section referred to as ‘farm buildings allowances’) in respect of that expenditure and such allowances shall be made in taxing the trade: | ||
Provided that— | ||
(a) the farm buildings allowance to be granted for any chargeable period shall, subject to paragraph (b), be increased by such amount as is specified by the person to whom the allowance is to be made in making his claim for the allowance and, in relation to a case in which this proviso has had effect, any reference in the Tax Acts to a farm buildings allowance made under this section shall be construed as a reference to that allowance as increased under this proviso, and | ||
(b) the maximum farm buildings allowance to be made under this section for any chargeable period shall not exceed three-tenths of the capital expenditure to which the said farm buildings allowance relates.”, | ||
and | ||
(b) by the deletion of subsection (4). |