1989 Ed.]
Inland Revenue
[CAP. 112
67
been discontinued at the date of the change and a new trade, profession or business had been then set up and commenced. (Amended 30 of 1950 Schedule; 49 of 1956 s. 18; 7 of 1975 s. 19)
(4) Tax upon the partnership shall be recoverable by all means provided in this Ordinance out of the assets of the partnership, or from any partner. (Amended 36 of 1955 s. 31)
(5) Tax may be assessed on the profits of a partnership notwithstanding the cessation or dissolution of such partnership and shall be recoverable from the former partners and from the assets of the partnership at the time of its cessation.
22A. Ascertainment of share of partnership
profits or losses
(1) In order to ascertain the share of a partner of the assessable profits or losses of a partnership, such assessable profits or losses for the relevant year of assessment shall be apportioned amongst the persons who were partners during the basis period in the ratio in which the profits or losses of the basis period for that year of assessment were divided; and the profits or losses as so apportioned shall constitute the shares of the assessable profits and losses of the individual partners for that year of assessment.
(2) For the purposes of subsection (1), there shall be excluded from the assessable profits of a partnership any loss brought forward under section 19C.
(3) For the purposes of this section-
(a) "partnership" does not include a partnership (other than a partnership referred to in section 345(2) of the Companies Ordinance (Cap. 32)) consisting at any time in the year of assessment of more than 20 partners;
(b) in calculating the number of partners in a partnership, there shall be included every partner in any other partnership which is itself a partner in the first-mentioned partnership. (Replaced 51 of 1978 s. 9)
(Added 7 of 1975 s. 20)
23. Ascertainment of assessable profits
of life insurance corporations
(1) The assessable profits for any year of assessment of a corporation, whether mutual or proprietary, from the business of life insurance, shall-
(a) be deemed to be 5% of the premiums from life insurance business in Hong Kong of the corporation during the basis period for that year; or (Amended 7 of 1986 s. 12)