Finance Act, 1993

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Captial allowances: treatment of grants, etc.

34.—(1) The Income Tax Act, 1967 , is hereby amended—

(a) in section 254, by the substitution of the following paragraph for paragraph (b) of subsection (4):

“(b) expenditure shall not be regarded as having been incurred by a person in so far as it has been or is to be met directly or indirectly by the State or by any person other than the first-mentioned person.”,

(b) in section 303, by the substitution of the following subsection for subsection (3) (including the proviso thereto):

“(3) Expenditure shall not be regarded for any of the purposes of this Part as having been incurred by a person in so far as it has been or is to be met directly or indirectly by the State or by any person other than the first-mentioned person.”,

and

(c) in section 305, by the substitution of the following paragraph for paragraph (b) of subsection (2):

“(b) expenditure shall not be regarded as having been incurred by a person in so far as it has been or is to be met directly or indirectly by the State or by any person other than the first-mentioned person.”.

(2) Section 22 of the Finance Act, 1974 , is hereby amended by the substitution of the following subsection for subsection (11):

“(11) Expenditure shall not be regarded for any of the purposes of this section as having been incurred by a person in so far as it has been or is to be met directly or indirectly by the State or by any person other than the first-mentioned person.”.

(3) Section 52 of the Finance Act, 1986 , is hereby amended by the substitution, in paragraph (a) of subsection (1), of the following subparagraph for subparagraph (i):

“(i) expenditure shall not be regarded as having been incurred by a person in so far as it has been or is to be met directly or indirectly by the State or by any person other than the first-mentioned person, and”.

(4) This section shall apply and have effect as respects expenditure incurred on or after the 6th day of May, 1993.