Finance Act, 1978

Increase of writing-down allowances for certain industrial buildings.

25.—(1) In this section “qualifying expenditure” means capital expenditure incurred, on or after the 2nd day of February, 1978, by a person to whom an allowance under section 264 (inserted by the Corporation Tax Act, 1976 ) of the Income Tax Act, 1967 , falls to be made on the construction of a building or structure which is to be an industrial building or structure occupied by the said person for a purpose specified in paragraph (a), (b) or (d) of section 255 (1) of the said Act:

Provided that where the expenditure is incurred for the purposes of the trade of hotel-keeping it shall not be regarded as qualifying expenditure unless it is incurred on the construction of premises which are registered in a register kept by Bord Fáilte Éireann under the Tourist Traffic Acts, 1939 to 1975.

(2) Where for any chargeable period an allowance falls to be made under the said section 264 in respect of qualifying expenditure, the allowance shall, subject to subsection (4) of that section, be increased by such amount as is specified by the person to whom the allowance is to be made and, in relation to a case in which this subsection has had effect, any reference in the Income Tax Acts to an allowance made under the said section 264 shall be construed as a reference to that allowance as increased under this section.