Finance Act, 1996
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Continuation of certain industrial buildings annual allowances. |
28.—(1) Section 264 of the Income Tax Act, 1967 , is hereby amended— | |
(a) in the proviso to subsection (1), by the substitution of the following paragraph for paragraph (ii): | ||
“(ii) in relation to a building or structure— | ||
(I) the capital expenditure on the construction of which has been incurred on or after the 16th day of January, 1975, and which falls to be regarded as an industrial building or structure within the meaning of paragraph (a) or (b) of section 255 (1), and | ||
(II) the capital expenditure on the construction of which has been incurred on or after the 24th day of April, 1992, and which falls to be regarded as an industrial building or structure within the meaning of section 255 (1) (bb), | ||
this Part shall have effect as if ‘one-twenty-fifth’ were substituted for ‘one-fiftieth’ in the foregoing provisions of this subsection.”, | ||
and | ||
(b) in the proviso to subsection (3), by the substitution of the following paragraph for paragraph (ii): | ||
“(ii) in relation to a building or structure— | ||
(I) the capital expenditure on the construction of which has been incurred on or after the 16th day of January, 1975, and which falls to be regarded as an industrial building or structure within the meaning of paragraph (a) or (b) of section 255 (1), and | ||
(II) the capital expenditure on the construction of which has been incurred on or after the 24th day of April, 1992, and which falls to be regarded as an industrial building or structure within the meaning of section 255 (1) (bb), | ||
this Part shall have effect as if ‘twenty-five years’ were substituted for ‘fifty years’ in the foregoing provisions of this subsection.”. | ||
(2) Section 265 of the Income Tax Act, 1967 , is hereby amended, in the proviso to subsection (1), by the substitution of the following paragraph for paragraph (iii): | ||
“(iii) in relation to a building or structure— | ||
(I) the capital expenditure on the construction of which has been incurred on or after the 16th day of January, 1975, and which falls to be regarded as an industrial building or structure within the meaning of paragraph (a) or (b) of section 255 (1), and | ||
(II) the capital expenditure on the construction of which has been incurred on or after the 24th day of April, 1992, and which falls to be regarded as an industrial building or structure within the meaning of section 255 (1) (bb), | ||
this Part shall have effect as if ‘twenty-five years’ were substituted for ‘fifty years’ in the foregoing provisions of this subsection.”. |