Finance Act, 1962

PART III.

Initial Allowances, Exemption from Tax, Payments to Associated Companies, Interest on Unpaid Tax: Income Tax, Sur-tax and Corporation Profits Tax.

Amendment of Part V of Finance Act, 1956, and Part IV of Finance (Miscellaneous Provisions) Act, 1956.

11.—(1) In relation to capital expenditure incurred within the period beginning on the 14th day of December, 1961, and ending on the 31st day of March, 1965, Part V of the Finance Act, 1956 , shall have effect as if “two-fifths” were substituted for “one-fifth” in subsection (1) of section 23 of that Act.

(2) In relation to capital expenditure incurred within the period beginning on the 14th day of December, 1961, and ending on the 31st day of March, 1965 (other than capital expenditure to which section 41 of the Finance Act, 1960 , applies), Part IV of the Finance (Miscellaneous Provisions) Act, 1956 , shall have effect as if “one-fifth” were substituted for “one-tenth” in subsection (1) of section 16 of that Act.