Finance Act, 1990

Amendment of section 25 (increase of writing-down allowances for certain industrial buildings) of Finance Act, 1978 .

76.Section 25 (as amended by section 48 of the Finance Act, 1988 ) of the Finance Act, 1978 , is hereby amended—

(a) by the substitution, for subparagraph (ii) of paragraph (b) of subsection (2), of the following subparagraphs:

“(ii) if the qualifying expenditure is incurred on or after the 1st day of April, 1989, and before the 1st day of April, 1991, 50 per cent., or

(iii) if the qualifying expenditure is incurred on or after the 1st day of April, 1991, and before the 1st day of April, 1992, 25 per cent.,”,

and

(b) by the insertion after subsection (2) of the following subsection:

“(2A) Notwithstanding subsection (2), no allowance made under section 264 of the Income Tax Act, 1967 , in respect of qualifying expenditure incurred on or after the 1st day of April, 1992, shall be increased under this section.”.