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Contents

Long Title

Part I PRELIMINARY

Part II ADMINISTRATION

Part III IMPOSITION OF INCOME TAX

Part IV EXEMPTION FROM INCOME TAX

Part V DEDUCTIONS AGAINST INCOME

Part VI CAPITAL ALLOWANCES

Part VII ASCERTAINMENT OF CERTAIN INCOME

Part VIII ASCERTAINMENT OF STATUTORY INCOME

Part IX ASCERTAINMENT OF ASSESSABLE INCOME

Part X ASCERTAINMENT OF CHARGEABLE INCOME AND PERSONAL RELIEFS

Part XI RATES OF TAX

Part XII DEDUCTION OF TAX AT SOURCE

Part XIII ALLOWANCES FOR TAX CHARGED

Part XIV RELIEF AGAINST DOUBLE TAXATION

Part XV PERSONS CHARGEABLE

Husband and wife

Trustees, agents and curators

Part XVI RETURNS

Part XVII ASSESSMENTS AND OBJECTIONS

Part XVIII APPEALS

Part XIX COLLECTION, RECOVERY AND REPAYMENT OF TAX

Part XX OFFENCES AND PENALTIES

Part XXA Exchange of information under avoidance of double taxation arrangements and exchange of information arrangements

Part XXB INTERNATIONAL AGREEMENTS TO IMPROVE TAX COMPLIANCE

Part XXI MISCELLANEOUS

FIRST SCHEDULE Institution, authority, person or fund exempted

SECOND SCHEDULE Rates of tax

THIRD SCHEDULE

FOURTH SCHEDULE Name of bond, securities, stock or fund

FIFTH SCHEDULE Child relief

SIXTH SCHEDULE Number of years of working life of asset

SEVENTH SCHEDULE Advance rulings

EIGHTH SCHEDULE Information to be included in a request for information under Part XXA

Legislative History

Comparative Table

Comparative Table

 
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Print   Link to In-Force Version
On 01/08/2014, you requested the version in force on 01/08/2014 incorporating all amendments published on or before 01/08/2014. The closest version currently available is that of 31/03/2014.
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Deduction for hotel refurbishment expenditure
14M.
—(1)  Where any person carrying on a hotel trade or business at any hotel premises proposes to carry out a project for any refurbishment of the hotel premises, he may apply to the Minister, or such person as he may appoint, on or before 30th June 2003 for that project (which shall be completed on or before 30th June 2006) to be approved for the purposes of claiming a deduction under this section in respect of expenditure incurred by him on the refurbishment project.
[21/2003]
(2)  Where the Minister, or such person as he may appoint, considers it expedient in the public interest to do so, he may approve the refurbishment project subject to such terms and conditions as he may impose.
[32/99]
(3)  Every approval given under this section shall specify —
(a)
the qualifying period during which the approved refurbishment project is to be carried out;
(b)
the qualifying expenditure and the maximum amount thereof to be allowed as a deduction under this section; and
(c)
a percentage, exceeding 100% but not exceeding 150%, of the qualifying expenditure to be allowed as a deduction under this section.
[32/99]
(4)  Where in the basis period for any year of assessment the person has incurred any qualifying expenditure on the approved refurbishment project, he shall be allowed, on due claim, for a period of 5 years (consecutive or otherwise) a deduction against the income from his hotel trade or business computed in accordance with subsection (5).
[32/99]
(5)  The amount of deduction under subsection (4) for any year of assessment shall be ascertained by the formula
where A
is the percentage referred to in subsection (3)(c); and
B
is the amount of qualifying expenditure incurred.
(6)  No deduction shall be allowed under this section in respect of —
(a)
any expenditure which is not incurred during the qualifying period referred to in subsection (3)(a);
(b)
any expenditure which was incurred before 1st July 1998; or
(c)
any year of assessment relating to any basis period during which the hotel premises are not used for the purposes of a hotel trade or business of the person who incurs the qualifying expenditure.
[32/99]
(7)  Where any person has been allowed a deduction under this section in respect of any qualifying expenditure, no deduction shall be allowed under any other provision of this Act in respect of the expenditure for which the deduction was allowed.
[32/99]
(8)  [Deleted by Act 19 of 2013]
(9)  [Deleted by Act 19 of 2013]
(10)  [Deleted by Act 19 of 2013]
(11)  [Deleted by Act 19 of 2013]
(12)  [Deleted by Act 19 of 2013]
(13)  [Deleted by Act 19 of 2013]
(14)  [Deleted by Act 19 of 2013]
(15)  [Deleted by Act 19 of 2013]
(16)  [Deleted by Act 19 of 2013]
(17)  [Deleted by Act 19 of 2013]
(18)  During the qualifying period referred to in subsection (3)(a) or within 5 years after the date of completion of the approved refurbishment project, a person who has been allowed any deduction under this section shall not, without the written approval of the Minister or such person as he may appoint —
(a)
sell, lease out or otherwise dispose of any asset in respect of which a deduction has been allowed under this section;
(b)
cease to use the hotel premises or any part thereof for his hotel trade or business; or
(c)
sell, lease out or otherwise dispose of the hotel premises or any part thereof.
[32/99]
(19)  Where any of the events referred to in subsection (18) occurs in the basis period for any year of assessment, the person shall be deemed to have derived an amount of income for that year of assessment equal to the total amount of deduction which has been allowed under this section in respect of the assets or any part of the hotel premises to which the event relates.
[32/99]
(20)  Notwithstanding subsection (19), the Minister or such person as he may appoint may, subject to such terms and conditions as he may impose and upon any application by the person deemed to have derived income under that subsection, reduce the amount of income so deemed.
[32/99]
(21)  Where any deduction allowed under this section is in respect of any capital expenditure incurred by a person on any machinery or plant and where at any time after 5 years from the date of completion of the approved refurbishment project any of the events referred to in section 20(1) occurs in respect of that machinery or plant, section 20(1) to (3) shall apply, with the necessary modifications, and a balancing allowance or a balancing charge shall be made to or, as the case may be, on that person for the year of assessment in the basis period for which that event occurs.
[32/99]
(22)  For the purposes of subsection (21) —
(a)
any reference in section 20(1) to allowances made under section 19 or 19A shall be read as a reference to a deduction allowed under this section;
(b)
the amount of the capital expenditure on the provision of the machinery or plant still unallowed as at the time of the occurrence of the event shall be ascertained by the formula
where C
is the amount of capital expenditure incurred on the provision of the machinery or plant; and
D
is the number of years of assessment for which any deduction has been allowed under this section in respect of that capital expenditure; and
(c)
notwithstanding anything in section 20(3), in no case shall the amount on which a balancing charge is made on a person exceed an amount computed in accordance with the formula
where C and D
have the same meanings as in paragraph (b).
[32/99]
(23)  Notwithstanding anything in this section, where it appears to the Comptroller that in any year of assessment any deduction allowed under this section ought not to have been so allowed, the Comptroller may, in the year of assessment or within 4 years after the expiration thereof, make such assessment or additional assessment upon the person as may be necessary in order to make good any loss of tax.
[19/2013]