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10-
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11
Treatment of larges.
Liability of certain nou
rovidect
perne.
(3) Where a person commences to carry on a trade, profession or business in the Colony on a day within a year of assessment, the profits arising therefrom for the period from such date to the end of the year of assessment shall be the assessable profits for such year of assessment,
(4) Where a person has commenced to carry on a trade, profession or business on a day within the year preceding a year of assessment, the assessable profits for that year of assessment shall be the profis for one year from such day.
(5) Where a person ceases to carry on a trade, profession or business, the assessable profits therefrom as regards the year of assessment in which the cessation occurs shall be the amount of the prolits of the period beginning on the first day of April in that year and ending on the date of cessation.
(6) Notwithstanding the provisions of section 71 a claim made under subsections (2), (3), (4) or (6) of this section to an adjustment of any assessment by reference to the profita for any period other than the year preceding the year of assessment shall be entertained if it is made within the period of twelve months next succeeding the year of assessment. A claim so made shall be regarded as an appeal for the purposes of Chapter XI.
(7) Where in the case of any trade, profession or business it is necessary in order to arrive at the profits or losses of any year of assessment or other period to divide and apportion to specific periods the profits and losses for any period for which accounts have been made up, or to aggregate any such profita or losses or any apportioned parts thereof, it shall be lawful to make such a division and apportionment or aggregation, and any apportionment under this section shall be made in proportion to the number of days in the respective period.
20. Where a loss is incurred by any person in the basis period for any year of assessment in any trade, profession or business the amount of such loas attribunable to activities in the Colony shall be carried forward and shall, subject as hereinafter provided. be set off against what would otherwise have been the chargeable profits of that person for the next five years in auccession; provided that the amount of any such loss allowed to be set off in computing the ebargeable profits in any year shall not be set off in computing the chargeable profits of any other year:
Provided that where all the members of a person not being a body corporate have elected to be severally assessed under the provisions of Chapter VII the portions of any loss incurred in the basis period for any year of assessment of any trade, profession or business falling on a member shall first be set off against the other income of that member. If the amount of the loss falling on a member cannot be wholly set off against his other income for the year of assessment following the year in which it was incurred the amount of the loss not so set off shall be set off against what would otherwise bave been his chargeable income for the next five years in succession, pro- vided that the amount of such loss allowed to be set off in computing the chargeable income for any year shall not b set off in computing the chargeable income of any other year,
21. (1) For the purposes of this section-- (a) a person is closely connected with another person where the Commissioner in his discretion considers that such
persons are substantially identical or that the ultimate control- ling interest of each is owned or deemed under this section to be owned by the same person or persons;
(b) the controlling interest of a company shall be deemed to be owned by the beneficial owners of its shares, whether held directly or through nominees, and shares in one company held by or on behalf of another company shall be deemed to be held by the shareholders of the last mentioned company.
(2) Where a non-resident person carries on business with a resident person with whom he is closely connected and the course of such business is so arranged that it produces to the resident person either no profits or less than the ordinary profits which might be expecter to arise, the business done by the non-resident person in pursuance of his connection with the resident person shull be deemed to be carried on in the Colony, and such non-resident person shall be assessable and chargeable with tax in respect of his profits from such business in the name of the resident person as if the resident person were his agent, and all the provisions of this Ordinance shall apply accordingly.
22.
Where the true amount of the profits of a non- resident person in respect of a trade, profession or business carried on in the Colony cannot be readily ascertained, auch profits may be computed on a fair percentage of the turnover of that trade or business in the Colony,
Profils of
certain bai
I to be
noted on
1 percen Log of the Luytiqvar.
whips.
23. (1) Where a trade, profession or business le carried Ausamamagi on by two or more persons jointly the tax in respect thereof partner- shall be computed and stated jointly in one sum and a joint assessment shall be made in the partnership name.
(2) The precedent partner shall make and deliver a statement of the profits or losses of such trade, profession or business, on behalf of the partnership, ascertained in accord- ance with the provisions of this Chapter relating to the ascertainment of profits.
Where no active partner is resident in the Colony the return shall be furnished by the manager or agent of the partnership in the Colony.
(3) If after the thirty-first day of March, 1946, a change occurs in a partnership of persons carrying on any trade, profession or business, by reason of retirement or death, or the dissolution of the partnership as to one or more of the partners, or the admission of a new partner, in such circumstances that one or more of the persons who until that time were engaged in the trade, profession or business continue to be engaged there- in, or a person who until that time was engaged in any trade, profession or business on his own account continues to be engaged in it, but as a partner in a partnership, the tax payable by the person or persons who carry on the trade, profession or business after that time shall, notwithstanding the change he computed according to the profits or gains of the trade. profession or business in accordance with section 19 as if no such change had occurred: Provided that on application made in writing by all the persons engaged in the traile, profession or business both immediately before and immediately after the change, and signed by all of them or, in the case of a deceased person, by his legal representative, and received by the Assessor within twelve months after the change took