CO129-615-2 Income tax 10-3-1947 - 6-2-1948 — Page 171

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(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.

Provided that notwithstanding anything in the foregoing the expression "industrial building or structure" does not include any building or structure in use as, or as part 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 office.

(2) The "relevant interest" means, in relation to any expenditure incurred on the construction of a building or structure the interest in that building or structure to which the person who incurred the expenditure was entitled 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-

(i) the amount of any initial allowance made; and

(ii) any annual allowance made; and

(iii) any balancing allowances granted;

and increased by any balancing charges made.

For the purpose of computing the residue of expenditure there shall be written off an amount of one-fiftieth of the expenditure in respect of any year of assessment in which no initial or annual allowance falls to be made.

Definitions

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