Section 29
Schedule 7B to the principal Act is amended —
(a)
in paragraph 5, by deleting the words “until the company has received the whole of the allowance or allowances to which it is so entitled”; and
(b)
by inserting after paragraph 5 the following paragraph:
“5A. Notwithstanding paragraph 5, so much of the allowance or allowances as cannot be given as ascertained under that paragraph for the year of assessment that relates to the basis period where the five-year period specified in paragraph 3 ends (in this paragraph referred to as “the first mentioned year of assessment”), shall only be given to that person in accordance with paragraph 5 for a period of
30
seven consecutive years of assessment (in this paragraph referred to as
“that period”) and that period commences immediately after the end of the first mentioned year of assessment, and any amount of that allowance or those allowances at the end of that period which cannot be given to that person, by reason of insufficiency or absence of statutory income from a business of his for that period, shall be disregarded for the purpose of this Schedule.”.