Finance Bill

Part of the debate – in the House of Commons at 12:00 am on 5 June 1962.

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(1) In relation to expenditure incurred on or after the first day of August, nineteen hundred and sixty-two; in

  1. (a) any industrial building or structure in a development district; or
  2. (b) any machinery or plant which the claimant proves to be in use, or to be intended for use, in a development district;
subsections (2) to (5) of section sixteen of the Finance Act, 1954 (which provide for making investment allowances in respect of capital expenditure on certain new assets), shall have effect with the substitution for references to one-fifth and one-tenth (being the proportions of expenditure governing investment allowances) of references respectively to three-tenths and three-twentieths: