Definitions
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(a) the relevant interest in the building or structure is sold; or
(b) that interest, being a leasehold interest, comes to an end otherwise than on the person entitled thereto acquiring the interest which is reversionary thereon; or
(c) the building or structure is demolished or destroyed or, without being demolished or destroyed, ceases altogether to be used,
an allowance or charge, to be known as a "balancing allowance" or a "balancing charge" shall, in the circumstances mentioned in this section, be made to or, as the case may be, on the person entitled to the relevant interest immediately before that event occurs for the year of assessment in his basis period for which that event occurs.
Provided that no balancing allowance or balancing charge shall be made to or on any person for any year of assessment by reason of any event occurring after the end of his basis period for the fiftieth year of assessment after that in which the building or structure was first used.
(2) Where there are no sale, insurance, salvage or compensation moneys, or where the residue of the expenditure immediately before the event exceeds those moneys, a balanc- ing allowance shall be made and the amount thereof shall be the amount of the said residue or, as the case may be, of the excess thereof over the said moneys.
(3) If the sale, insurance, salvage or compensation moneys exceed the residue, if any, of the expenditure immediately before the event, a balancing charge shall be made and the amount on which it is made shall be an amount equal to the excess or, where the residue is nil, to the said moneys.
37. In this Chapter-
(1) An "industrial building or structure" means a build- ing or structure in use-
(i) for the purposes of a trade carried on in a mill, factory or other similar premises; or
(ii) for the purposes of a transport, dock, water or electricity undertaking; or
(iii) for the purposes of a trade which consist in the manufacture of goods or materials or the subjection of goods or materials to any process; or
(iv) for the purpose of a trade which consists in the storage of goods or materials which are to be used in the manufacture of other goods or to be subjected, in the course of a trade, to any process; or
(v) for the purpose of a trade which consists of the storage of goods or materials on their arrival by sea or air into the Colony;
and, in particular, the said expression includes any building or structure provided by the person carrying on such a trade or undertaking for the welfare of workers employed in that trade or undertaking and in use for that purpose.
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