CAP. 112]
[s. 39 cont.]
Expenditure on machinery or plant.
Inland Revenue.
(i) the charge shall not be made; and
(ii) the amount of any initial allowance in respect of the said expenditure shall be calculated as if the expenditure had been reduced by the amount on which the charge would have been made; and
(iii) in considering what annual allowance is to be made in respect of the new machinery or plant, there shall be left out of account a proportion of the machinery or plant equal to the proportion which the amount on which the charge would have been made bears to the amount of the said expenditure; and
(iv) in considering whether any and, if so, what balancing allowance or balancing charge falls to be made in respect of the new machinery or plant, the initial allowance in respect thereof shall be deemed to have been increased by an amount equal to the amount on which the charge would have been made.
[40]
40. Expenditure on the provision of machinery or plant shall include capital expenditure on alterations to an existing building incidental to the installation of that machinery or plant for the purposes of the trade, profession or business.
[41]
Election to be personally assessed.
PART VII.
Personal Assessment.
41. (1) Any individual being a resident of the Colony may, by notice in writing to the Commissioner, elect to be personally assessed on his total income. Such election shall be made not later than the last day of the year following the year of assessment to which it relates.
(2) For the purpose of this section—
3 of 1949, s.14. "individual" does not include a married woman who is not living apart from her husband under the decree of a competent court or a duly executed deed of separation; "resident of the Colony" means an individual who stays in the Colony for a period or a number of periods amounting to more than one hundred and eighty days during
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