Finance Act, 1980

Amendment of section 265 (balancing allowances and balancing charges) of Income Tax Act, 1967.

58.Section 265 (4) of the Income Tax Act, 1967 , is hereby amended by the substitution for “whole of the relevant period.” of “whole of the relevant period:

Provided that where, but for section 264 (4) or the proviso to paragraph 1 (5) of the First Schedule to the Corporation Tax Act, 1976 , a writing-down allowance would have been made to a person for any chargeable period, the part of the relevant period comprised in the said chargeable period or its basis period shall be deemed for the purposes of this subsection to be comprised in a chargeable period for which a writing-down allowance was made to the person.”.