CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
conditions as specified in the Eighth Schedule. Finance Act 1997
30b (1) where that person is engaged in any trade, a deduction to be known
as an apprenticeship allowance of such amount and subject to such
conditions as specified in the Ninth Schedule. Act 91 of 2000
(2) Where deductions have been allowed under subsection (1)(b) and sections (11A)
and (11B)to any person in ascertaining his chargeable income for a year of income
from any trade, business, profession or vocation, and that person ceases to have any
interest in plant and machinery and buildings in respect of which the deductions have
been allowed, a balancing allowance or a balancing charge shall be made, and for the
purposes of ascertaining such allowance or charge, section 4 and sections 17 and 17A,
as the case may be, of the Income Tax (In Aid of Industry) Act shall apply. Act 17 of
1992
Finance Act, 1995
31 (2A) Notwithstanding subsection (2) where a person ceases to have an
interest in respect of assets to which section 11A relates:
(a) a balancing allowance shall not be made until there are no assets in
the pool;
(b) a balancing charge shall not be made until the value in the pool
results in a credit balance. Finance Act 35 of 1998
31 a (3) In computing the amount to be allowed under subsection (1)(b) in
respect of a private motor car -
(a) purchased prior to 1st January, 1993, the value of which on
1st January, 1993 exceeds one hundred thousand dollars after an
allowance for exhaustion by wear and tear is deducted, the value
against which the amount is computed shall be deemed to be one
hundred thousand dollars;
(b) purchased on or after 1st January, 1993 the cost of which exceeds
one hundred thousand dollars, the cost against which the amount is
computed shall be deemed to be one hundred thousand dollars.
Finance Act, 1993
(4) Subsection (3) shall not apply to a rented car.
(5) In computing the balancing allowance or balancing charge under
subsection (2) on the disposal of a private motor car the value or cost of
which is deemed to be one hundred thousand dollars under subsection
31 BIR Note: Effective 1st January, 1998
31a BIR Note: Subsections (3) and (4) effective 1 st January 1993
BIR Mac Edition 91/01 Page 27