During the Committee Stage debate on last year's Finance Act I referred to the need for an anti-avoidance measure in relation to industrial buildings, etc. By bringing this matter to the notice of the Revenue Commissioners last year I believe I inspired this anti-avoidance measure to some extent.
SECTION 21.
Question proposed: "That section 21 stand part of the Bill."
This is a complex area. It was brought to our attention that this provision in the Income Tax Act, 1967, was being used in a way which had never been intended and this section will close off its utilisation by providing that where a balancing allowance is made the written down value of the asset is to be adjusted downwards in all cases.
Question put and agreed to.
Section 22 agreed to.