Finance Act, 1975
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Adjustment of capital allowances by reference to value-added tax. |
29.—(1) In computing any deduction, allowance or relief, for any of the purposes of— | |
(a) Parts XIII to XVIII, inclusive, of the Income Tax Act, 1967 , | ||
(b) section 22 of the Finance Act, 1971 , | ||
(c) the Finance (Taxation of Profits of Certain Mines) Act, 1974 , or | ||
(d) section 22 of the Finance Act, 1974 , | ||
the cost to a person of any machinery or plant, or the amount of any expenditure incurred by him, shall not take account of any amount included in such cost or expenditure for value-added tax in respect of which the person may claim— | ||
(i) a deduction under section 12 of the Value-Added Tax Act, 1972 , or | ||
(ii) a refund of value-added tax under an order under section 20 (3) of that Act. | ||
(2) In calculating, for any of the purposes of Part XVI of the Income Tax Act, 1967 , the amount of sale, insurance, salvage or compensation moneys to be taken into account in computing a balancing allowance or balancing charge to be made to or on a person, no account shall be taken of the amount of value-added tax (if any) chargeable to the person in respect of those moneys. | ||
(3) Section 39 of the Value-Added Tax Act, 1972 , is hereby repealed. |