Addition
of new section 43A,
98
(c) by the deletion of subsection (2) and the substitution
therefor of the following subsection—
"(2) Any tax paid whether directly or by deduction under the provisions of section 6 or 29 and any salaries tax and any business profits tax paid under the provisions of Parts III and IV respectively shall, where the relevant amounts on which such taxes were calculated are included in the total income of an individual, be set off for the purposes of nallec- tion against the tax charged under this Part on that individual.";
(d) by the addition after subsection (2) of the following new
subsection-
"(3) Where the aggregate of the taxes which may be set off under subsection (2) exceeds the amount of tax charged on an individual under this Part, the Commissioner shall, on receipt of a claim from such individual in the prescribed form and on being satisfied that the claim is in order, refund such excess to such individual."
61. The principal Ordinance is amended by the addition after section 43 of the following new section-
"Interpre- tion.
43A. In this Part--
"child" means—
(a) the child of an individual by his wife or former
wife; or
(b) in the case of a woman her own child; or (c) in the case of Asiatics a child of the individual by his concubine if such child is recognized by him and his family as a member of his family; or
(d) an adopted child; or
(e) a step-child."
39
52. Subsection (4) of section 51 of the principal Ordinance is Amend- amended—
(a) by the insertion in the first line of paragraph (a) after the
word "assessor" of the following-
"or an inspector";
(b) by the insertion in the fifth line of paragraph (a) after the
word "assessor" of the following-
"'or inspector''.
ment of section 51.
53. Paragraph (1) of rule 6 of the Inland Revenue Rules Amendment is rescinded and replaced as follows-
of rule G of the Inland
"(1) For the purpose of assessment to interest tax under Revenue Part V of the Ordinance, an annuity payable in respect of Rules. valuable consideration given shall first be apportioned as (Vol. IX, between capital and income in accordance with the provisions Bevised Edition, of this rule. The capital portion shall be ascertained by p. 356). dividing the consideration (ie., premiums paid, or the total of such premiums if more than one, or other valuable consi- deration given) by the figures ascertained from the Table set out in paragraph (2) hereof by reference to the age of the annuitant at the date of his or her last birthday prior to the first payment of the annuity. The excess of the annual annuity over the capital portion thus computed shall be deemed to be interest chargeable to interest tax under Part V of the Ordinance. This apportionment between capital and interest shall be constant euch year until such time as the accumulated total of the capital portions shall equal the total consideration. Thereafter, the whole of the annual amount of the annuity shall be deemed to be interest for the purpose of interest tax; Provided that no apportionment to capital shall be made in respect of any consideration given by a person other than the annuitant, or his or her spouse, and provided further that any premium or portion of a premium which has been allowed as a deduction under section 42B of the Ordinance, shall be excluded from the atmount of the consideration.
+
ments for 1955/56
54. Where a person who has been assessed to tax prior to Agness- the enactment of this Ordinance in respect of the
ILSSOSS- year of ment commencing on the 1st April, 1955, proves to the satisfaction made prior