Jersey Law 11/1969

INCOME TAX (AMENDMENT No. 7) (JERSEY) LAW, 1969.

A LAW     to amend the Law relating to income tax, sanctioned by Order of Her Majesty in Council of the

23rd day of MAY, 1969.

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(Registered on the 20th day of June, 1969)

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STATES OF JERSEY.

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The 18th day of February, 1969.

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THE STATES, subject to the sanction of Her Most Excellent Majesty in Council, have adopted the following Law:  -

ARTICLE 1

After Article 73 of the Income Tax (Jersey) Law, 1961,1 as amended2 (hereinafter referred to as “the principal Law”) there shall be inserted the following Article –

“ARTICLE 73A

GRANTS RECEIVED IN RESPECT OF MACHINERY OR PLANT

(1)          In considering the deduction which may be allowed under Article 72 of this Law in respect of the diminished value, by reason of wear and tear, of machinery or plant, and in determining the actual cost of such machinery or plant for the purposes of paragraph (6) thereof, there shall be left out of account the proportion of the expenditure on the provision of the machinery or plant which is, or is to be met out of a grant paid or to be paid under a scheme made under the provisions of Part III of the Agriculture (Guaranteed Prices and Financial Assistance) (Jersey) Law, 1965.3

(2)          In determining for the purposes of Article 73 of this Law the cost of plant or machinery replaced, there shall be left out of account the proportion of the expenditure on the provision of the plant or machinery which is, or is to be met out of a grant paid or to be paid under a scheme made under the provisions of Part III of the Agriculture (Guaranteed Prices and Financial Assistance) (Jersey) Law, 1965.³”

ARTICLE 2

In paragraph (3) of Article 91 of the principal Law4 for the words “Article 103” there shall be substituted the words “Article 104”.

ARTICLE 3

The provisions of this Law shall apply in relation to the year nineteen hundred and sixty-eight and ensuing years.

ARTICLE 4

This Law may be cited as the Income Tax (Amendment No. 7) (Jersey) Law, 1969.

E.J.M. POTTER,

Deputy Greffier of the States.