Finance Act, 1975

Allowance in respect of certain buildings or structures.

34.—(1) Section 255 (1) of the Income Tax Act, 1967 , is hereby amended by the insertion of the following paragraph after paragraph (c):

“(cc) for the intensive production of cattle, sheep, pigs, poultry or eggs in the course of a trade other than the trade of farming within the meaning of section 13 of the Finance Act, 1974 , or”.

(2) In relation to a building or structure which falls to be regarded as an industrial building or structure by virtue of subsection (1), Chapter II of Part XV and Chapter I of Part XVI of the Income Tax Act, 1967 , shall have effect as if—

(a) “one-fifth” were substituted for “one-tenth” in section 254 (1) of the said Act,

(b) “one-tenth” were substituted for “one-fiftieth” in sections 264 (1) and 266 (4) of the said Act,

(c) “tenth year” were substituted for “fiftieth year” in section 264 (3) and the proviso to section 265 (1) of the said Act,

(d) paragraph (a) of the proviso to section 266 (4) of the said Act were deleted.

(3) The foregoing provisions of this section shall have effect as respects capital expenditure incurred on or after the 6th day of April, 1971, but no allowance shall be made under the said Chapters by virtue of this section—

(a) for any year of assessment prior to the year 1974-75, or

(b) under section 254 (1) of the Income Tax Act, 1967 , in respect of expenditure incurred before the 6th day of April, 1974.