44
CAP. 112]
[8. 34 cont.]
30 of 1950, Schedule.
Balancing allowances and charges, industrial buildings and structures.
Inland Revenue.
interest is the relevant interest in relation to the capital expenditure incurred on the construction of that building or structure an allowance, to be known as an "annual allowance", equal to one-fiftieth of that expenditure shall be made to him for that year of assessment.
(b) Where the interest in a building or structure which is the relevant interest in relation to any expenditure is sold while the building or structure is an industrial building or structure the annual allowance, in the years of assessment the basis periods for which end after the time of that sale, shall be computed by reference to the residue of expenditure immediately after the sale and shall be the fraction of the said residue the numerator of which is one and the denominator of which is the number of years of assessment comprised in the period which-
(i) begins with the first year of assessment for which the buyer is entitled to an annual allowance or would be so entitled if the building or structure had at all material times continued to be an industrial building or structure; and
(ii) ends with the year of assessment which is the fiftieth year after the year in which the building or structure was first used; and so on for any subsequent sales.
(c) Notwithstanding anything in the preceding provisions of this section, in no case shall the amount of an annual allowance for any year of assessment in respect of any expenditure exceed such as, 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 the end of his basis period for that year of assessment.
[35]
35. (1) Where any capital expenditure has been incurred on the construction of a building or structure and any of the following events occurs while the building or structure is an industrial building or structure, that is to say-
318
44
CAP. 112]
[8. 34 cont.]
30 of 1950, Schedule.
Balancing allowances and charges, industrial
buildings and structures.
Inland Revenue.
interest is the relevant interest in relation to the capital expenditure incurred on the construction of that building or structure an allowance, to be known as an "annual allowance", equal to one-fiftieth of of that expenditure shall be made to him for that year of assessment.
(b) Where the interest in a building or structure which is the relevant interest in relation to any expenditure is sold while the building or structure is an indus- trial building or structure the annual allowance, in the years of assessment the basis periods for which end after the time of that sale, shall be computed by reference to the residue of expenditure immediately after the sale and shall be the fraction of the said residue the numerator of which is one and the denominator of which is the number of years of assessment comprised in the period which-
(i) begins with the first year of assessment for which the buyer is entitled to an annual allowance or would be so entitled if the building or structure had at all material times continued to be an indus- trial building or structure; and
(ii) ends with the year of assessment which is the fiftieth year after the year in which the building or structure was first used; and so on for any subsequent sales.
(c) Notwithstanding anything in the preceding pro- visions of this section, in no case shall the amount of an annual allowance for any year of assessment in respect of any expenditure exceed such as, 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 the end of his basis. period for that year of assessment.
[35]
35. (1) Where any capital expenditure has been incurred on the construction of a building or structure and any of the following events occurs while the building of structure is an industrial building or structure, that is to
say-
318
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