Finance Act, 1995
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Amendment of section 81 (application of certain allowances in relation to certain expenditure) of Finance Act, 1990. |
27.— Section 81 of the Finance Act, 1990 , is hereby amended by the substitution of the following subsection for subsection (1): | |
“(1) This section applies to— | ||
(a) machinery or plant or an industrial building or structure which is provided for the purposes of a project which was approved for grant assistance by the Industrial Development Authority, the Shannon Free Airport Development Company Limited or Údarás na Gaeltachta in the period from the 1st day of January, 1989, to the 31st day of December, 1990, and in respect of the provision of which expenditure is incurred before the 31st day of December, 1997: | ||
Provided that, as respects machinery or plant or an industrial building or structure which is provided for the purposes of any such project which is specified in the list referred to in subsection (3A) (b) (iv) of section 84A of the Corporation Tax Act, 1976 , paragraph (a) shall apply as if the reference therein to ‘the 31st day of December, 1997’ were a reference to ‘the 31st day of December, 2002’, | ||
(b) a building or structure which is to be an industrial building or structure within the meaning of section 255 (1) (d) of the Income Tax Act, 1967 , and in respect of the provision of which expenditure is incurred before the 31st day of December, 1995, where a binding contract for the provision of the building or structure was entered into before the 31st day of December, 1990, and | ||
(c) machinery or plant which is provided for the purposes of a trade or part of a trade of hotel-keeping carried on in such a building or structure as is referred to in paragraph (b) and in respect of the provision of which expenditure is incurred before the 31st day of December, 1995: | ||
Provided that neither paragraph (b) nor paragraph (c) shall apply if the building or structure referred to in paragraph (b) is not registered, within 6 months after the date of the completion of the said building or structure, in a register kept by Bord Fáilte Éireann under the Tourist Traffic Acts, 1939 to 1987, and where, by virtue of this section, any allowance or increased allowance has been granted any necessary additional assessments may be made to give effect to this proviso.”. |