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Finance Act 1965

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7(1)For section 268(5) of the Income Tax Act 1952 there shall be substituted the following subsection:—

(5)If, for any period or periods between the time when the building or structure was first used for any purpose and the time at which the residue of the expenditure falls to be ascertained, the building or structure has not been in use as an industrial building or structure, then, subject to the provisions of the next following subsection, there shall in ascertaining that residue be treated as having been previously written off in respect of the said period or periods amounts equal to writing-down allowances made for chargeable periods of a total length equal thereto at such rate or rates as would have been appropriate having regard to any sale on which section 266(2) of this Act operated.

(2)In section 268(10) of the Income Tax Act 1952 (which deals with Crown land and provides for writing off certain amounts as if the land were owned and used by a person other than the Crown) after the words " other than the Crown" in paragraph (a) there shall be inserted the words

and other than a company; and accordingly paragraph 2(4) and (5) of this Schedule shall not apply to amend section 268(10)(d).

(3)A building or structure shall not, for purposes of section 268(5) of the Income Tax Act 1952, be treated by virtue of either of the provisions to which this sub-paragraph applies as having been an industrial building or structure before the year of assessment for which that provision first had effect. This sub-paragraph applies—

(a)to section 25 of the Finance Act 1952 (buildings of tunnel undertakings); and

(b)section 17 of the Finance Act 1953 (fishing, and overseas farming and forestry).

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