Finance Act, 1960

Amendment of Part V of Finance Act, 1959.

41.—(1) In relation to a building or structure the capital expenditure on the construction of which has been incurred on or after the 1st day of January, 1960, and which falls to be regarded as an industrial building or structure by reason of its use for the purposes of the trade of hotel-keeping, Part V of the Finance Act, 1959 , shall have effect as if—

(a) “one-tenth” were substituted for “one-fiftieth” in subsection (1) of section 25 and subsection (4) of section 27 of that Act, and

(b) “tenth year” were substituted for “fiftieth year” in subsection (3) of section 25 and subsection (1) of section 26 of that Act.

(2) For the purposes of Part V of the Finance Act, 1959 , and subsection (1) of this section a building or structure in use as a holiday camp shall be deemed to be a building or structure in use for the purposes of the trade of hotel-keeping.