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(1)In relation to expenditure incurred after 12th November 1974 section 1(2) of the [1968 c. 3.] Capital Allowances Act 1968 (initial allowances for industrial buildings and structures, etc.) shall have effect as if for the words " three-twentieths " there were substituted the words " one-half " ; and accordingly section 67(2)(d) of the [1972 c. 41.] Finance Act 1972 shall not apply to expenditure so incurred.
(2)Expenditure shall not be treated for the purposes of this section as having been incurred after the date on which it was in fact incurred by reason only of section 1(6) of the Capital Allowances Act 1968 (expenditure incurred before trade began) or section 5(1) of that Act (purchase of unused buildings or structures).
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