Finance Act, 1989
|
Amendment of section 22 (farming: allowances for capital expenditure on construction of buildings and other works) of Finance Act, 1974. |
15.— Section 22 (as amended by section 52 of the Finance Act, 1988 ) of the Finance Act, 1974 , is hereby amended by the substitution for paragraph (b) in the proviso to subsection (2) of the following paragraph: | |
“(b) the maximum farm buildings allowance to be made under this section by means of an allowance increased under paragraph (a)— | ||
(i) in relation to capital expenditure incurred before the 1st day of April, 1989, shall not, for any chargeable period, exceed three-tenths of that capital expenditure, and | ||
(ii) in relation to capital expenditure incurred on or after the 1st day of April, 1989, whether claimed in one chargeable period or more than one such period, shall not, in the aggregate, exceed one-half of that capital expenditure.”. |