Finance Act, 1959
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Property used for purposes of “exempted trading operations”. |
65.—(1) Where an event occurs which gives rise, or would, but | |
for this section, give rise to a balancing allowance or balancing charge in respect of any property to or on a company in relation to which a certificate under subsection (2) of section 3 of Finance (Miscellaneous Provisions) Act, 1958 , has been given, then, whether the certificate is still in force or not, the following provisions of this section shall apply. | ||
(2) If the property has been used by the company exclusively for the purposes of its exempted trading operations within the meaning of Part II of the said Act, no balancing allowance or balancing charge shall be made. | ||
(3) If the property has been used partly for the purposes of the company's exempted trading operations and partly for the purposes of its other trading operations, regard shall be had to all the relevant circumstances of the case and there shall be made to or on the company an allowance of such an amount, or, as the case may be, a charge on such an amount, as may be just and reasonable. |