Finance Act, 1990
Amendment of section 51 (application of certain allowances in relation to certain areas and certain expenditure) of Finance Act, 1988 . |
80.— Section 51 of the Finance Act, 1988 , is hereby amended by the substitution for subsections (2), (3) and (4) of the following subsections: | |
“(2) Section 251 (as amended by the Finance Act, 1990) of the Income Tax Act, 1967 , shall have effect in relation to capital expenditure incurred on the provision of machinery or plant to which this section applies as if— | ||
(a) in subsection (3), ‘or on or after the 1st day of April, 1992’ were deleted, | ||
(b) paragraphs (bb) and (bbb) of subsection (4) were deleted, | ||
(c) the following provision were substituted for paragraph (d) of subsection (4): | ||
‘(d) in relation to capital expenditure incurred on or after the 1st day of April, 1971, as if “five-fifth” were substituted for “one-fifth” in subsection (1).’, | ||
and | ||
(d) subsection (7) were deleted. | ||
(3) Section 11 of the Finance Act, 1967 , and section 26 of the Finance Act, 1971 , shall have effect in relation to an allowance which falls to be made under section 241 of the Income Tax Act, 1967 , for wear and tear of any machinery or plant to which this section applies as if— | ||
(a) paragraph (b) of subsection (2) (as amended by the Finance Act, 1990) and subsection (2A) (inserted by the Finance Act, 1990) of the said section 11, and | ||
(b) paragraph (b) of subsection (2) (as amended by the Finance Act, 1990) and subsection (2A) (inserted by the Finance Act, 1990) of the said section 26, | ||
were deleted. | ||
(4) Section 254 of the Income Tax Act, 1967 , and section 25 of the Finance Act, 1978 , shall have effect in relation to capital expenditure on the construction of an industrial building or a premises to which this section applies as if— | ||
(a) paragraph (aa) (inserted by the Finance Act, 1990) of subsection (2A) and subsections (2B) (as so inserted) and (7) (inserted by the Finance Act, 1988 ) of the said section 254, and | ||
(b) paragraph (b) of subsection (2) (as amended by the Finance Act, 1990) and subsection (2A) (inserted by the Finance Act, 1990) of the said section 25, | ||
were deleted.”. |