s 27 Grant of approval for purpose of investment tax allowance
(1) The Minister may grant approval in respect of an application for an investment tax allowance made under subsection 26(1) subject to such terms and conditions as he deems fit, and such approval may be granted retrospectively from a date not earlier than the date from which the activity or the product has been determined to be a promoted activity or a promoted product under section 4: Provided that— (i) where the Minister is satisfied that the company was engaged in a promoted activity or in the production of a promoted product, or had otherwise incurred capital expenditure in relation thereto, from a date prior to the date from which the activity or product was determined as a promoted activity or promoted product under section 4, the approval may be granted retrospectively from a date not earlier than the date from which the company has been engaged in the promoted activity or in the production of the promoted product, or the capital expenditure had been incurred in relation thereto; and (ii) no approval shall be granted retrospectively under subsection (1) or under the foregoing proviso from a date which is earlier than three years from the date the application under subsection 26(1) is received by the Minister. (2) The Minister may vary the terms and conditions imposed under subsection (1). (3) In exercising his powers under subsections (1) and (2), the Minister shall act with the concurrence in writing of the Minister of Finance. (4) A company granted approval under this section may, at any time during the period specified in paragraph 29(2)(b) or (c), surrender the approval by giving notice in writing to the Minister and where the Minister is satisfied with the reasons for the surrender of such approval or that the company has complied with the terms and conditions imposed under subsection (1) or (2) or with any other provisions of this Act, the surrender shall have effect from a date specified by the Minister in the notice approving such surrender and such date shall not be earlier than the date the notice is received by the Minister: Provided that in respect of a notice of surrender received by the Minister on or after the 1 January 1986 and on or before the 31 March 1987 and upon the Minister being satisfied as provided in this subsection, the Minister, when approving such surrender, may specify a date which is not earlier than 1 January 1986 as the date the surrender shall have effect.