Finance Act, 1959

Amendment of Part IV of the Act.

73.—(1) Section 17 of the Act is hereby amended—

(i) by the addition at the end of subsection (1) of the word “or” and the following paragraph:

“(c) for the purposes of a dock undertaking.”

(ii) by the insertion after subsection (3) of the following subsection:

“(3A) In this section ‘dock ’ includes any harbour, wharf, pier or jetty or other works in or at which vessels can ship or unship merchandise or passengers, not being a pier or jetty primarily used for recreation, andi ‘dock undertaking’ shall be construed accordingly.”

(2) Section 19 of the Act shall have effect as if paragraph (b) and the proviso to that paragraph were deleted and the following paragraphs inserted in lieu thereof:

“(b) any expenditure on the provision of machinery or plant or on any asset which is treated for any year of assessment as machinery or plant, or

(c) any expenditure in respect of which an allowance is or may be made, for the same or for any previous or subsequent year of assessment, under subsection (3) of section 5 or under section 6 of Finance Act, 1946 (No. 15 of 1946).”

(3) Where capital expenditure is incurred on preparing, cutting, tunnelling or levelling land for the purposes of preparing the land as a site for the installation of machinery or plant, the machinery or plant shall, as regards that expenditure, be treated, for the purposes of Part IV of the Act, as a building or structure.

(4) In relation to industrial building allowances for years of assessment beginning on or after the 6th day of April, 1959, other than amounts carried forward from any year of assessment ended before that date, this section shall have effect as from the commencement of the Act.