CO129-595-3 Proposed introduction of income tax 12-12-1946 - 26-1-1947 — Page 63

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of, a dwelling house, retail shop, showroom, hotel or office or

to any purpose ancillary to the purposes of a dwelling house,

retail shop, showroom, hotel or offics.

(2) The "relevarit interest" means, in relation to any

expenditure incurred on the construction of a building or

structure the interest in that building or structure to

person who incurred the expenditure was entitled

which

when he incurred it.

(3) The "residue of expenditure" shall be the amount of

the capital expenditure incurred in the construction of a

building or structure reduced by

(1) the amount of

initial allowance made; and

(ii) any armal allowances made; and

(iii) any balancing allowances granted; and

increased by any balancing charges made.

hich

If, in the case of any year of assessment after that in

building or structure is first used, no anmual

allowance falls to be made to any person in respect of th

expenditure, then, subject to the provisions of this sub-

section, an amount equal to one-fiftieth of the expenditure

shall be written off as at the end of the previous year of

assessment :

Provided that

(a) in th case of the year of assessment 1947/48 or

Deequent year of assessment this subsection shall not apply

for any purpose if the building or structure was an

industrial building or structure on the day preceding the

beginning of the year of assessment; and

(b) where this subsection does apply in the case of

the year of assesment 1947/48 or any subsequent year of

asrosament, amount to be written off shall, if the

building or structure has been sold on or after the first

day of April 1947 while an industrial building or structure,

be th amount which would have fallen to be written off if ·

(1) the building or structure had been an

/industrial