1989 Ed.]
Inland Revenue
[CAP. 112
81
date when the purchase price becomes payable, capital expenditure on the construction thereof equal to the expenditure actually incurred on the construction of the building or structure or to the net price paid by him for that interest, whichever is the less: (Replaced 29 of 1982 s. 7)
Provided that-
(a) where in a case to which paragraph (b)(i) applies the relevant interest in the building or structure is sold more than once before the building or structure is used, only the person who buys that interest on the occasion of the last of those sales shall be deemed to have incurred capital expenditure on the construction of the building or structure and that capital expenditure shall be equal to the net price paid on the first sale or the net price paid by him, whichever is the less;
(b) where in a case to which paragraph (b)(ii) applies the relevant interest in the building or structure is sold more than once before the building or structure is used, that paragraph shall have effect only in relation to the last of those sales. (Replaced 29 of 1982 s. 7)
(Added 2 of 1971 s. 27)
36. Rebuilding allowance for a commercial building or structure
Where at the end of the basis period for any year of assessment a person is entitled to an interest in a commercial building or structure and where that 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 a "rebuilding allowance" equal to three-quarters of 1% of the capital expenditure incurred on the construction of such building or structure shall be made to him for that year of assessment.
(Replaced 36 of 1955 s. 42. Amended 26 of 1969 s. 18)
36A. Application of provisions to machinery or plant
(1) Except where otherwise provided, in relation to the initial and annual allowances on machinery or plant-
(a) sections 37, 37A, 38 and 39 shall apply to the years of assessment up to and including the year of assessment commencing on 1 April 1979; and
(b) sections 39B, 39C and 39D shall apply to the year of assessment commencing on 1 April 1980 and to subsequent years of assessment.
1
1989 Ed.]
Inland Revenue
[CAP. 112
81
date when the purchase price becomes payable, capital expenditure on the construction thereof equal to the expenditure actually incurred on the construction of the building or structure or to the net price paid by him for that interest, whichever is the less: (Replaced 29 of 1982 s. 7)
Provided that-
(a) where in a case to which paragraph (b)(i) applies the relevant interest in the building or structure is sold more than once before the building or structure is used, only the person who buys that interest on the occasion of the last of those sales shall be deemed to have incurred capital expenditure on the construction of the building or structure and that capital expenditure shall be equal to the net price paid on the first sale or the net price paid by him, whichever is the less;
(b) where in a case to which paragraph (b)(ii) applies the relevant interest in the building or structure is sold more than once before the building or structure is used, that paragraph shall have effect only in relation to the last of those sales. (Replaced 29 of 1982 s. 7)
(Added 2 of 1971 s. 27)
36. Rebuilding allowance for a commercial
building or structure
Where at the end of the basis period for any year of assessment a person is entitled to an interest in a commercial building or structure and where that 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 a "rebuilding allowance" equal to three quarters of 1% of the capital expenditure incurred on the construction of such building or structure shall be made to him for that year of assessment.
(Replaced 36 of 1955 s. 42. Amended 26 of 1969 s. 18)
36A. Application of provisions to machinery or plant
(1) Except where otherwise provided, in relation to the initial and annual allowances on machinery or plant-
(a) sections 37, 37A, 38 and 39 shall apply to the years of assessment up to and including the year of assessment commencing on 1 April 1979; and
(b) sections 39B, 39C and 39D shall apply to the year of assessment commencing on 1 April 1980 and to subsequent years of assessment.
1
No comments yet.
Private notes are available after approval.