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Finance Act 1963

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This is the original version (as it was originally enacted).

34Doubling of annual allowances for industrial buildings and for dredging

An annual allowance under section 266 of the Act of 1952 in respect of capital expenditure incurred after the 5th November 1962 on the construction of a building or structure, or under section 17 of the Finance Act 1956 in respect of capital expenditure incurred after that date on dredging, shall be equal to one twenty-fifth of the expenditure instead of (as heretofore) one-fiftieth thereof, and accordingly, as respects any such allowance, for the word " one-fiftieth " where it occurs in sections 266(1) and 268(5) of the Act of 1952 and section 17(1) of the Finance Act 1956, there shall be substituted the words

one twenty-fifth,

and for the word " fiftieth " where it occurs in sections 266(2) and 267(1) of the Act of 1952 there shall be substituted the word

twenty-fifth.

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