Clause 6

by deleting the word “one-tenth” in the ninth line of subsection (1) thereof and substituting therefor the words “twenty-five per cent”;

by deleting the word “one-fiftieth” in the seventh line of subsection (2) thereof and substituting therefor the words “three per cent”;

by deleting subsection (3) thereof and substituting therefor the following: —“(3) Where at any time in or after the basis period for the first year of assessment under this Act the interest in a building or structure which is the relevant interest in relation to any expenditure is sold while the building or structure is an industrial building or structure, the annual allowance, in the years of assessment the basis periods for which end after the time of that sale, shall be computed by reference to the residue of that expenditure immediately after the sale and shall be —

the fraction of the said residue the numerator of which is one and the denominator of which is the number of years of assessment comprised in the period which begins with the first year of assessment for which the buyer is entitled to an annual allowance or would be so entitled if the building or structure had at all material times continued to be an industrial building or structure, and ends with the fiftieth year after that in which the building or structure was first used; or

three per cent of the said residue,whichever is the greater, and so on for any subsequent sales:Provided that no annual allowance shall be made to any person for any year of assessment after the end of the fiftieth year after that in which the building or structure was first used.”;

by inserting, immediately after subsection (3) thereof, the following subsection: —“(3A) For the purposes of application to any industrial building or structure occupied for the purposes of a trade in intensive pig and poultry production and approved by the Minister under subsection (1) of section 18 of this Act, the reference to “three per cent” in subsections (2) and (3) of this section and in the sixteenth line of subsection (5) of section 18 of this Act shall be read as a reference to “five per cent”; and” (e)by inserting, immediately after subsection (4) thereof, the following subsection: —“(5) For the purposes of subsection (1) of this section where a person has incurred capital expenditure on the purchase of an industrial building or structure (including the purchase of a leasehold interest therein of not less than twenty-five years) which has not previously been used by any person, he shall be deemed to have incurred expenditure on the construction of that industrial building or structure equal to the cost of construction of that industrial building or structure or to the net price paid by him for that industrial building or structure or the interest therein, whichever is the less, if —

the person claiming the initial allowance by virtue of this subsection purchased the industrial building or structure or acquired the leasehold interest therein from the person who constructed that building or structure; and

no initial allowance has been granted under subsection (1) of this section in respect of that industrial building or structure to the person who constructed that building or structure.”.