HC Deb 14 March 1945 vol 409 c341

Considered in Committee.

[Mr. CHARLES WILLIAMS in tae Chair]

Resolved: That the following provisions shall be deemed always to have had effect as respects, and in connection with, the allowance provided for by Section nineteen of the Finance Act, 1941 (which provides for an allowance for Income Tax purposes for exceptional depreciation of certain buildings, machinery and plant)—

  1. (a) the said Section nineteen shall have effect subject to amendments as to the value to be put on the buildings, machinery or plant and as to the time at which the depreciation thereof is to be treated as having occurred;
  2. (b) in certain cases, deductions shall not be made in computing profits or gains for Income Tax purposes for expenditure incurred for the purpose of making good disrepair of buildings, machinery or plant and no allowance shall be made under Rule 6 or Rule 7 of the Rules applicable to Cases I and II of Schedule D in respect of machinery or plant provided to make good such disrepair; and
  3. (c) in certain cases, property which has been sold shall be treated for the purposes of the said Section nineteen as if it had been sold for the price which it would have fetched if sold in the open market"—[Mr. Peake.]

Resolution to be reported upon Tuesday next.