Finance Act, 1959
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Amendment of repairs allowance. |
32.—(1) Subsection (1) of section 2 of the Finance Act, 1934 , is hereby amended by the deletion of “mills, factories, or other similar premises”and the substitution therefor of “industrial buildings or structures within the meaning of section 17 of Finance (Miscellaneous Provisions) Act, 1956 , as amended by section 73 of the Finance Act, 1959, and, in relation to any such industrial building or structure, the said Rules 7 and 8 shall have effect as if ‘one-third’ were substituted for ‘one-sixth ’ wherever it appears in the said rules ”. | |
(2) Rule 5 of the Rules applicable to Cases I and II of Schedule D is hereby amended by the deletion of the proviso to paragraph (2) and the insertion, after the said paragraph (2), of the following paragraph: | ||
“(3) (a) Paragraph (2) of this rule shall not apply in the case of any premises which— | ||
(i) is an industrial building or structure within the meaning of section 17 of Finance (Miscellaneous Provisions) Act, 1956 , as amended by section 73 of the Finance Act, 1959, but | ||
(ii) is not a building or structure to which section 25 of the Finance Act, 1959, applies. | ||
(b) Where, in the case of premises valued under the Valuation Acts as a unit, a part is, and a part is not, a building or structure to which setcion 25 of the Finance Act, 1959, applies, the annual value of each part shall be arrived at by apportionment of the rateable valuation of the premises, and paragraph (c) of subsection (3) and subsection (4) of section 2 of Finance Act, 1958 , shall apply to any such apportionment as they apply to an apportionment required by the said subsection (3).” | ||
(3) Where an annual allowance in respect of a building or structure falls to be made in charging the profits or gains of a trade for any year of assessment and the basis period for that year of assessment falls wholly or partly before the commencement of this Part of this Act, then, for the purpose of determining the sum to be deducted on account of the annual value of the building or structure in estimating the profits or gains of the trade, the amount of the assessment of the building or structure for the purpose of tax under Schedule A shall be deemed to have been reduced for the purpose of collection as it would have been so reduced if this section had had effect for the whole of the basis period. | ||
(4) Section 18 of the Finance Act, 1919 , shall have effect as if— | ||
(a) a reference to premises which— | ||
(i) is an industrial building or structure, but | ||
(ii) is not a building or structure to which section 25 of this Act applies, | ||
were substituted for each of the references in subsections (1) and (2) to mills, factories or similar premises and for the reference in subsection (3) to mills, factories and similar premises, and | ||
(b) a reference to one-third of the annual value were substituted for each of the references to one-sixth of the annual value. |