Finance Act, 1990

Amendment of section 22 (farming: allowances for capital expenditure on construction of buildings and other works) of Finance Act, 1974 .

77.Section 22 of the Finance Act, 1974 , is hereby amended—

(a) by the substitution, for subparagraph (ii) of paragraph (b) of the proviso to subsection (2), of the following subparagraphs:

“(ii) in relation to capital expenditure incurred on or after the 1st day of April, 1989, and before the 1st day of April, 1991, whether claimed in one chargeable period or more than one such period, shall not, in the aggregate, exceed one-half of that capital expenditure, and

(iii) in relation to capital expenditure incurred on or after the 1st day of April, 1991, and before the 1st day of April, 1992, whether claimed in one chargeable period or more than one such period, shall not, in the aggregate, exceed one-quarter of that capital expenditure.”,

and

(b) by the insertion after subsection (2B) of the following subsection:

“(2C) Notwithstanding any other provision of this section, no farm buildings allowance made in relation to capital expenditure incurred on or after the 1st day of April, 1992, shall be increased under this section.”.