Investment Allowance - Catalyst - Whether Plant

A comment on the case of New Zealand Refining Co. Ltd v Commissioner of Inland Revenue (1982) 5 NZTC 61,176, which focused on the meaning of the word “plant” as used in section 117A of the Land and Income Tax Act 1954. The section had no successor in the Income Tax Act 1976 but the court's decision has continuing importance in respect of the interpretation of section 108 of that Act. In the case the court held that a catalyst was “plant” and was therefore entitled to an investment allowance