Clause 31

by deleting the word “Where” in subsection (2B) and substituting the words “Subject to section 37IC, where”;

by inserting, immediately after subsection (2B), the following subsection:“(2BAA) Subject to section 37IC, where a person proves to the satisfaction of the Comptroller that he has incurred capital expenditure during the basis period for the year of assessment 2016, 2017 or 2018 on the provision of one or more PIC automation equipment for the purposes of a trade, profession or business carried on by him, there shall be allowed on due claim, in respect of all his trades, professions and businesses, and in addition to the allowance under section 19 or subsection (1), (1B) or (2) (as the case may be), an allowance computed in accordance with the following formula:where A is —

for the year of assessment 2016, the lower of the following:

such capital expenditure incurred during the basis period for that year of assessment;

$1,200,000;

for the year of assessment 2017, the lower of the following:

such capital expenditure incurred during the basis period for that year of assessment;

the balance after deducting from $1,200,000 the lower of the amounts specified in paragraph (a)(i) and (ii); and

for the year of assessment 2018, the lower of the following:

such capital expenditure incurred during the basis period for that year of assessment;

the balance after deducting from $1,200,000 the lower of the amounts specified in paragraph (a)(i) and (ii), and the lower of the amounts specified in paragraph (b)(i) and (ii).”;

by inserting, immediately after subsection (2BB), the following subsection:“(2BC) In subsection (2BAA) —

if the person does not carry on any trade, profession or business during the basis period for any one year of assessment between the years of assessment 2016 and 2018 (both years inclusive), the references to “$1,200,000” in the paragraphs of that subsection applicable to the other 2 years of assessment shall be substituted with “$800,000”;

if the person does not carry on any trade, profession or business during the basis periods for any 2 years of assessment between the years of assessment 2016 and 2018 (both years inclusive), the reference to “$1,200,000” in the paragraph of that subsection applicable to the remaining year of assessment shall be substituted with “$400,000”; and

to avoid doubt, no deduction shall be made from the substituted amount in subsection (2BAA)(b)(ii) or (c)(ii) of the lower of the amounts specified in subsection (2BAA)(a)(i) and (ii) if the person does not carry on any trade, profession or business during the basis period for the year of assessment 2016, and no deduction shall be made from the substituted amount in subsection (2BAA)(c)(ii) of the lower of the amounts specified in subsection (2BAA)(b)(i) and (ii) if the person does not carry on any trade, profession or business during the basis period for the year of assessment 2017.”;

by deleting the words “year of assessment 2015” in subsections (2C), (2D) and (2E) and substituting in each case the words “year of assessment 2018”;

by deleting the words “subsection (2A) or (2B)” wherever they appear in subsections (2C), (2D), (2E) and (2H) and substituting in each case the words “subsection (2A), (2B) or (2BAA)”;

by deleting the words “subsections (2A) and (2B)” wherever they appear in subsections (2D), (2E), (2F), (2FA), (2G), (2H)(a), (2I), (2IA), (2J), (2K) and (15) (paragraph (a) of the definition of “Productivity and Innovation Credit Scheme automation equipment”) and substituting in each case the words “subsections (2A), (2B) and (2BAA)”;

by inserting, immediately after subsection (2FA), the following subsection:“(2FB) To avoid doubt, subsection (2FA) does not apply to a website provided for the purposes of a trade, profession or business.”;

by deleting the comma at the end of paragraph (e) of subsection (2HB) and substituting a semi‑colon, and by inserting immediately thereafter the following paragraphs:“(f)for the year of assessment 2016, subsection (2BAA)(a)(ii);

for the year of assessment 2017, subsection (2BAA)(b)(ii);

for the year of assessment 2018, subsection (2BAA)(c)(ii),”;

by deleting the words “subsection (2BA) or (2BB)” in subsection (2HB) and substituting the words “subsection (2BA), (2BB) or (2BC)”; (j)by deleting the words “year of assessment 2015” in subsection (14B) and substituting the words “year of assessment 2025”; and

by inserting, immediately after subsection (16), the following subsections:“(16A) For the purposes of subsections (2B), (2BAA), (2D) and (2E), each reference to capital expenditure incurred in the basis period for the year of assessment 2014 or a subsequent year of assessment, on the provision of one or more PIC automation equipment for the purposes of a trade, profession or business includes a reference to any capital expenditure incurred on the provision of a website for the purposes of a trade, profession or business.(16B) For the purposes of subsections (2F), (2H), (2HA), (2I), (2IA) and (2J) —

each reference to capital expenditure incurred on the provision of any PIC automation equipment includes a reference to capital expenditure incurred on the provision of a website; and

each reference to a PIC automation equipment includes a reference to a website.”.