Finance Act, 1990
|
Amendment of section 254 (industrial building allowance) of Income Tax Act, 1967 . |
74.—Section 254 (as amended by section 21 (1) of the Corporation Tax Act, 1976 ) of the Income Tax Act, 1967 , is hereby amended— | |
(a) by the insertion in subsection (2A), after paragraph (a), of the following paragraph: | ||
“(aa) in relation to capital expenditure incurred on or after the 1st day of April, 1991, and before the 1st day of April, 1992, on the construction of a building or structure in respect of which an allowance under this Chapter falls to be made by reason of its use for a purpose specified in paragraph (a) or (b) of section 255 (1), as if ‘one-quarter’ were substituted for ‘one-tenth’,”, | ||
(b) by the insertion after subsection (2A) of the following subsection: | ||
“(2B) Notwithstanding any other provision of this section, no industrial building allowance shall be made in respect of capital expenditure incurred on or after the 1st day of April, 1992, on the construction of an industrial building or structure.”, | ||
and | ||
(c) by the insertion after subsection (3) of the following subsection: | ||
“(3A) Where a building or structure which is to be an industrial building or structure forms part of a building or is one of a number of buildings in a single development, or forms part of a building which is itself one of a number of buildings in a single development, there shall be made such apportionment as is necessary of the expenditure incurred on the construction of the whole building or number of buildings, as the case may be, for the purpose of determining the expenditure incurred on the construction of the building or structure which is to be an industrial building or structure and references in this section (including subsection (3)) to a building or structure shall be construed accordingly.”. |