Revised Edition of the Laws (Income Tax Act) (Rectification) Order 2007

No. S 400

Revised Edition of the Laws Act

(Chapter 275)

Revised Edition of the Laws (Income Tax Act) (Rectification) Order 2007

In exercise of the powers conferred by section 23(1) of the Revised Edition of the Laws Act, the Law Revision Commissioners hereby make the following Order:

Citation

1.  This Order may be cited as the Revised Edition of the Laws (Income Tax Act) (Rectification) Order 2007.

Rectification of error

2.  Section 19A of the Income Tax Act (Cap. 134, 2004 Ed.) is rectified in the manner set out in the Schedule.

THE SCHEDULE

(1) —		Insert after subsection (13), the following subsection: “(13A)  Where at the end of the basis period for the year of assessment 1985 a person has in use machinery or plant in respect of which capital allowances have been made under section 19, there shall be made to him, if before the end of that year of assessment he so elects, for a period of 3 years an annual allowance of 33 1/3% in respect of the capital expenditure remaining unallowed under section 19 in respect of the machinery or plant as at the end of that basis period: Provided that — (a) in the case of a person to whom a certificate has been issued under Part II of the Economic Expansion Incentives (Relief from Income Tax) Act (Cap. 86) whose tax relief period expires in any basis period ending on or after 1st January 1992 and who has, at the end of the basis period immediately following that basis period, in use machinery or plant in respect of which capital allowances have been made under section 19, the election under this subsection shall be made before the end of the year of assessment which relates to the second-mentioned basis period; and (b) in the case of a person to whom a certificate has been issued under Part IV, VI, VII, XI or XII of that Act and who has, at the end of the basis period immediately following the expiry of his tax relief period, in use machinery or plant in respect of which capital allowances have been made under section 19, the election under this subsection shall be made before the end of the year of assessment which relates to that basis period. [13/84; 11/94”.]
(2) Subsection (14)		Delete “subsection (10A)” and substitute “subsections (10A) and (13A)”.
(3) Subsection (16)		Delete “subsection (1)” and substitute “subsections (1) and (13A)”.

Made this 26th day of July 2007.

CHAO HICK TIN

Chairman,
Law Revision Commission.

[AG/RA/134/2007]

(To be presented to Parliament under section 23(2) of the Revised Edition of the Laws Act).