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21 1969

FINANCE ACT, 1969

PART VI

Corporation Profits Tax

Withdrawal of shipping investment allowance.

51 .—Where the amount of a shipping investment allowance is deducted in accordance with section 22 of the Finance Act, 1957 , in computing the profits of a company for the purposes of corporation profits tax, and the shipping investment allowance is withdrawn for the purposes of income tax in accordance with subsection (1A) (b) of section 246 of the Income Tax Act, 1967 , the shipping investment allowance shall be withdrawn for the purposes of corporation profits tax and all such additional corporation profits tax assessments and adjustments of corporation profits tax assessments shall be made as may be necessary for or in consequence of the withdrawal of a shipping investment allowance or the substitution therefor of an initial allowance under section 69 of the Finance Act, 1959 .

Amendment of section 10 of Finance (Miscellaneous Provisions) Act, 1956.

52. —The definition of “accounting period” in section 10 of the Finance (Miscellaneous Provisions) Act, 1956 , is, except in relation to section 13 (10) of that Act, hereby amended—

(a) by the substitution of “fifteen” for “ten”, and

(b) by the substitution of “6th day of April, 1975” for “6th day of April, 1970”.

Amendment of section 3 of Finance (Miscellaneous Provisions) Act, 1958.

53. Section 3 (2) of the Finance (Miscellaneous Provisions) Act, 1958 , is hereby amended by the substitution of “5th day of April, 1990” for “expiration of the period of twenty-five years from the passing of this Act”.

Amendment of section 69 of Finance Act, 1959.

54. —(1) Any reference in section 69 of the Finance Act, 1959 , to an allowance under section 241 of the Income Tax Act, 1967 , shall, in a case in which section 4 (2) of this Act has had effect, be construed as a reference to the allowance as increased under that subsection.

(2) Where the said section 4 (2) is deemed not to have applied to any machinery or plant for any year of assessment, there shall be made for the purposes of corporation profits tax all such additional assessments and adjustments of assessments as may be appropriate.