Finance Act, 1990
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Amendment of section 26 (increase of wear and tear allowances for certain machinery and plant) of Finance Act, 1971 . |
72.— Section 26 (as amended by section 47 of the Finance Act, 1988 ) of the Finance Act, 1971 , is hereby amended— | |
(a) by the substitution, for subparagraph (ii) of paragraph (b) of subsection (2), of the following subparagraphs: | ||
“(ii) if the machinery or plant is provided for use on or after the 1st day of April, 1989, and before the 1st day of April, 1991, 50 per cent., or | ||
(iii) if the machinery or plant is provided for use on or after the 1st day of April, 1991, and before the 1st day of April, 1992, 25 per cent.,”, | ||
and | ||
(b) by the insertion after subsection (2) of the following subsection: | ||
“(2A) Notwithstanding subsection (2), no allowance made under section 241 of the Income Tax Act, 1967 , for wear and tear of any qualifying machinery or plant provided for use on or after the 1st day of April, 1992, shall be increased under this section.”. |