Finance Act, 1959
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PART V. Relief for certain Capital Expenditure: Income Tax, Sur-tax and Corporation Profits Tax. | ||
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Chapter I. Industrial Buildings and Structures. | ||
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Interpretation (Chapter I of Part V). |
24.—(1) In this Chapter— | |
“industrial building allowance” means an allowance made under Part IV of Finance (Miscellaneous Provisions) Act, 1956 ; | ||
“industrial building or structure” has the same meaning as, by virtue of section 17 of Finance (Miscellaneous Provisions) Act, 1956 , that expression has in Part IV of that Act. | ||
(2) A person who has incurred expenditure on the construction of a building or structure shall be deemed, for the purposes of any provision of this Chapter referring to his interest therein at the time when the expenditure was incurred, to have had the same interest therein as he would have had if the construction thereof had been completed at that time. | ||
(3) Without prejudice to any of the other provisions of this Part of this Act relating to the apportionment of sale, insurance, salvage or compensation moneys, the sum paid on the sale of the relevant interest in a building or structure, or any other sale, insurance, salvage or compensation moneys payable in respect of any building or structure, shall, for the purposes of this Chapter, be deemed to be reduced by an amount equal to so much thereof, as, on a just apportionment, is attributable to assets representing expenditure other than expenditure in respect of which an allowance can be made under Part IV of Finance (Miscellaneous Provisions) Act, 1956 , or under this Chapter. | ||
(4) Section 19 of Finance (Miscellaneous Provisions) Act, 1956 , and subsection (3) of section 73 of this Act shall apply in relation to allowances and charges under this Chapter as they apply in relation to industrial building allowances for years of assessment beginning on or after the 6th day of April, 1959. |