CO129-615-2 Income tax 10-3-1947 - 6-2-1948 — Page 117

116

[A.D. 1947

No. 20]

Definitions.

INLAND REVENUE.

(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

(4) Notwithstanding anything in the last preceding sub- section, in no case shall the amount on which a balancing charge is made on a person exceed the aggregate of the follow- ing amounts, that is to say—

(a) the amount of the initial allowance, if any, made to him in respect of the expenditure in question;

(b) the amount of the annual allowances, if any, made to him in respect of the expenditure in question.

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.