Finance Act, 1978

Chapter IV

Income Tax and Corporation Tax

Amendment of ssection 26 (increase of wear and tear allowances for certain machinery and plant) of Finance Act, 1971.

22.Section 26 (1) (inserted by the Corporation Tax Act, 1976 ) of the Finance Act, 1971 , is hereby amended by the deletion of “and before the 1st day of April, 1979,” and the said section 26 (1), as so amended, is set out in the Table to this section.


26.—(1) In this section—

“qualifying machinery or plant” means machinery or plant (other than vehicles suitable for the conveyance by road of persons or goods or the haulage by road of other vehicles) which is provided for use on or after the 1st day of April, 1971, in any area other than a designated area for the purposes of a trade or profession and which, at the time it is so provided, is unused and not secondhand;

“designated area” has the same meaning as in the Industrial Development Act, 1969 .