Finance Act, 1976

Amendment of section 12 (deduction for tax borne or paid) of Principal Act.

54.—Section 12 of the Principal Act is hereby amended by the substitution for paragraph (d) of and the proviso to subsection (1) of the following :

“(d) the tax chargeable during such period in respect of goods applied for the purposes of his business and treated as delivered in accordance with section 3 (1) (e):

Provided that, in relation to—

(i) the application of any goods of a kind specified in the Fourth Schedule by a person for the purposes of his business and treated as delivered in accordance with section 3 (1) (e),

(ii) the delivery (otherwise than by virtue of section 3 (1) (e)) of any goods of a kind specified in the Fourth Schedule delivered to a manufacturer of goods of the kind so delivered, being goods applied by him for the purposes of his business otherwise than as stock-in-trade (within the meaning of section 34), or

(iii) the delivery (otherwise than by virtue of section 3 (1) (e)) or importation of any goods of a kind specified in the Fourth Schedule delivered to or imported by a person other than a manufacturer of goods of the kind so delivered or imported,

the amount deductible under this section by any such person shall not exceed a sum representing tax at the rate for the time being specified in section 11 (1) (a) on the amount or value, as the case may be, on which tax was chargeable in respect of the application, delivery or importation in question.”.