Finance Act, 1997
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Amendment of Chapter I (Industrial Buildings and Structures: Annual Allowances and Balancing Allowances and Charges) of Part XVI of Income Tax Act, 1967 . |
23.—(1) Chapter I of Part XVI of the Income Tax Act, 1967 , is hereby amended— | |
(a) in section 265 by the insertion in paragraph (d) of subsection (1) after “other than rent or an amount treated” of “or partly treated”, and | ||
(b) in subsection 266 by the addition after subsection (6) of the following subsection: | ||
“(7) If, on receipt of consideration of the type referred to in subsection (1) (d) of section 265, a balancing allowance is made in respect of the expenditure, there shall be written off at the time of the event giving rise to the balancing allowance or, if later, on the 26th day of March, 1997, the amount by which the residue of the expenditure before the said event exceeds the said consideration.”. | ||
(2) Paragraph (a) of subsection (1) shall apply and have effect in relation to consideration of the type referred to in subsection (1) (d) of section 265 which is received on or after the 26th day of March, 1997. |