Finance Act, 1971

Amendment of section 69 of Finance Act, 1959.

46.—(1) Any reference in section 69 of the Finance Act, 1959 , to an allowance under section 241 of the Income Tax Act, 1967 , shall, in a case in which section 26 (2) of this Act has had effect, be construed as a reference to the allowance as increased under that subsection.

(2) Section 69 of the Finance Act, 1959 , is hereby amended by the insertion in subsection (1) of the following paragraph after paragraph (d);

“(dd) an investment allowance under section 22 of the Finance Act, 1971,”.

(3) Where for any year of assessment—

(a) section 26 (2) of this Act is deemed not to have applied to any machinery or plant, or

(b) an investment allowance in respect of qualifying machinery or plant is withdrawn under section 25 of this Act,

there shall be made for the purposes of corporation profits tax all such additional assessments and adjustments of assessments as may be appropriate.