Finance Act, 1990
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Amendment of section 251 (initial allowances for machinery and plant) of Income Tax Act, 1967 . |
73.— Section 251 of the Income Tax Act, 1967 , is hereby amended— | |
(a) in relation to capital expenditure incurred on or after the 1st day of April, 1990, by the insertion in subsection (1), after “or the haulage by road of other vehicles,” of “and that machinery or plant, while used for the purposes of that trade, is wholly and exclusively so used,”, | ||
(b) by the insertion in subsection (3) after “1956” of “or on or after the 1st day of April, 1992”, and | ||
(c) by the insertion in subsection (4), after paragraph (bb) (inserted by section 43 of the Finance Act, 1988 ), of the following paragraph: | ||
“(bbb) in relation to capital expenditure incurred on or after the 1st day of April, 1991, and before the 1st day of April, 1992, as if ‘one-quarter’ were substituted for ‘one-fifth’ in subsection (1),”. |