Singapore legislation
Clause 6
Clause 6
Amendment of section 20
Section 20 of the principal Act is hereby amended by inserting immediately after subsection (4) thereof the following subsection: —“(5) Notwithstanding anything in the preceding provisions of this section, where a balancing allowance or charge falls to be made under subsection (1) of this section in respect of —
a motor car acquired after the 3rd day of March 1975 to which subsection (2A) of section 19 of this Act applies, the sum to be taken in lieu of the open-market price or sale, insurance, salvage or compensation monies for the purpose of calculating such balancing allowance or charge shall be ascertained in accordance with the formula ; and
a motor car acquired on or before the 3rd day of March 1975 to which subsection (2B) of section 19 of this Act applies, the sum to be taken in lieu of the open-market price or sale, insurance, salvage or compensation monies for the purpose of calculating such balancing allowance or charge shall be ascertained in accordance with the formula ,where Ais the open-market price or sale, insurance, salvage or compensation monies in respect of the motor car; andBis the capital expenditure incurred in respect of the motor car; andCis the aggregate of the initial and annual allowances made in respect of the motor car before subsection (2B) of section 19 of this Act has effect in relation to that motor car.”.