Finance Act, 1988

Amendment of section 254 (industrial building allowance) of Income Tax Act, 1967.

44.Section 254 (as amended by section 20 of the Finance Act, 1985 ) of the Income Tax Act, 1967 , is hereby amended by the insertion after subsection (6) of the following subsection:

“(7) Where an allowance in respect of capital expenditure incurred on or after the 1st day of April, 1988, on the construction of a building or structure is made under this section, no increase in any allowance under section 264 of the Income Tax Act, 1967 , by virtue of the provisions of section 25 of the Finance Act, 1978 , shall be made in relation to that capital expenditure.”.