Finance Act, 1990

Amendment of section 51 (application of certain allowances in relation to certain areas and certain expenditure) of Finance Act, 1988 .

80.Section 51 of the Finance Act, 1988 , is hereby amended by the substitution for subsections (2), (3) and (4) of the following subsections:

“(2) Section 251 (as amended by the Finance Act, 1990) of the Income Tax Act, 1967 , shall have effect in relation to capital expenditure incurred on the provision of machinery or plant to which this section applies as if—

(a) in subsection (3), ‘or on or after the 1st day of April, 1992’ were deleted,

(b) paragraphs (bb) and (bbb) of subsection (4) were deleted,

(c) the following provision were substituted for paragraph (d) of subsection (4):

‘(d) in relation to capital expenditure incurred on or after the 1st day of April, 1971, as if “five-fifth” were substituted for “one-fifth” in subsection (1).’,

and

(d) subsection (7) were deleted.

(3) Section 11 of the Finance Act, 1967 , and section 26 of the Finance Act, 1971 , shall have effect in relation to an allowance which falls to be made under section 241 of the Income Tax Act, 1967 , for wear and tear of any machinery or plant to which this section applies as if—

(a) paragraph (b) of subsection (2) (as amended by the Finance Act, 1990) and subsection (2A) (inserted by the Finance Act, 1990) of the said section 11, and

(b) paragraph (b) of subsection (2) (as amended by the Finance Act, 1990) and subsection (2A) (inserted by the Finance Act, 1990) of the said section 26,

were deleted.

(4) Section 254 of the Income Tax Act, 1967 , and section 25 of the Finance Act, 1978 , shall have effect in relation to capital expenditure on the construction of an industrial building or a premises to which this section applies as if—

(a) paragraph (aa) (inserted by the Finance Act, 1990) of subsection (2A) and subsections (2B) (as so inserted) and (7) (inserted by the Finance Act, 1988 ) of the said section 254, and

(b) paragraph (b) of subsection (2) (as amended by the Finance Act, 1990) and subsection (2A) (inserted by the Finance Act, 1990) of the said section 25,

were deleted.”.