Finance Act, 1990

Amendment of section 26 (increase of wear and tear allowances for certain machinery and plant) of Finance Act, 1971 .

72.Section 26 (as amended by section 47 of the Finance Act, 1988 ) of the Finance Act, 1971 , is hereby amended—

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

“(ii) if the machinery or plant is provided for use on or after the 1st day of April, 1989, and before the 1st day of April, 1991, 50 per cent., or

(iii) if the machinery or plant is provided for use on or after the 1st day of April, 1991, and before the 1st day of April, 1992, 25 per cent.,”,

and

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

“(2A) Notwithstanding subsection (2), no allowance made under section 241 of the Income Tax Act, 1967 , for wear and tear of any qualifying machinery or plant provided for use on or after the 1st day of April, 1992, shall be increased under this section.”.