§ Motion made, and Question,
§ 17. That, for the purposes of income tax, corporation tax and protfis tax, provision be made—
- (a) for abolishing investment allowances in respect of expenditure where the date on which the expenditure was incurred, determined in accordance with section 330(2) of the Income Tax Act, 1952, is after 16th January, 1966;
- (b) for withholding or withdrawing investment allowances and initial allowances (including such allowances for past years of assessment, chargeable periods or chargeable accounting periods) in respect of so much of any expenditure as is taken into account for the purposes of any relevant grant made towards that expenditure;
- (c) for abolishing the method prescribed by sections 38 and 39 of the Finance Act, 1963, for computing writing-down allowances for new machinery or plant and
ining expenditure in development districts and in Northern Ireland.
§ In this Resolution "relevant grant" means a grant towards capital expenditure incurred by a person carrying on a business, being—
- (i) a grant made under an Act of the present Session or in pursuance of a scheme under an enactment amended by an Act of the present Session; or
- (ii) a grant made under an Act of the Parliament of Northern Ireland or out of moneys provided by that Parliament which appears to the Treasury to be made towards expenditure and for a purpose corresponding respectively to expenditure towards which and a purpose for which a grant such as is mentioned in paragraph (i) of this definition may be made,
§ and in either case being a grant declared by the Treasury by an order made by statutory instrument to be relevant for the purposes of the withholding or withdrawal of investment and initial allowances.—[Mr. Callaghan.]
§ put and agreed to.