CO129-595-3 Proposed introduction of income tax 12-12-1946 - 26-1-1947 — Page 61

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all material times contimed to be an industrial building

or structure; and

(ii) ends with the fiftieth year of assessment

after that in which the building or structure was so used;

and so on for any subsequent rates.

(c) Notwithstanding anything in the preceding

provisions of this section in no case shall the amount of

an annual allowance made to a person for any year of assessment

in respect of any expenditure exceed what, apart from the

writing off falling to be made by reason of the making of that

allowance, would be the residue of that expenditure at th

end of his basis period for that year of assessment.

36.

(1) there any capital expenditure has been incurred

on the construction of a building or structure and, in, or

after the basis period for the year of assessment 1947/48 any

of the following events occurs while the building or structure

is en industrial building or structure, that is to say

(a) the relevant interest in the building or

structure is sald; 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

(a) the building or structure is demolished or

destroyed or, without being demolished or destroyed, osases

al tage ther

used,

an allowance or charge, to be know

"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

it in which the building or structure was first used.

/(2)