Repeal and replace- meat of section 41.
34
Provided that in computing the residue of expenditure there shall be written off an amount of 1/5oth of the capital expenditure in respect of any year in which no initial or annual allowance falls to be made."
47. Section 41 of the principal Ordinance is repealed and replaced by the following section-
"Election for per- Bonal as- sessment.
41. (1) An individual being either a permanent or temporary resident may elect for personal assessment on his total income.
(2) Where such an individual is deceased a duly appointed executor or administrator of his estate may elect for personal assessment on the total income of the deceased for the year of assessment in which the death occurred.
(3) Any election under this section shall be mado in writing and lodged with the Commissioner not later than on the last day of the third year following the year of assessment in respect of which the election is made.
(4) In this section-→→
"individual" does not include-
(a) a wife unless she is a wife living apart from
her husband;
(b) & child;
"permanent resident** means an individual who
ordinarily resides in the Colony;
"temporary resident" means an individual who stays in the Colony for a period or a number of periods amounting to more than one hundred and eighty days during the year of assessment in respect of which the election is made or for a period or periods amounting to more than three hundred days in two consecutive years of assessment anc of which is the year of assessment in respect of which the election is made.**
35
"
48. Section 42 of the principal Ordinance is repealed and Repeal and replaced by the following section-
"Calcula- tion of total
income.
42. (1) For the purposes of this Part the total income of an individual for any year of assessment shall be the aggregate of the following amounts-
תנן
(a) the net amount, after deduction of the allowance for repairs and outgoings. which any property tax chargeable on the individual under the provisions of Part 11 for that year of assessment is computed;
(b) the assessable income of the individual for that year of assessment computed in accord- ance with the provisions of Part II] less the outgoings and allowances provided for in paragraphs (6) and (c) of subsection (1) of section 12:
(c) the assessable profit of the individual for that year of assessment computed in accordance with the provisions of Part IV;
(d) the amount of any interest including that part of any annuity deemed to be interest, charged to interest tax under the provisions of Par V, received by or credited to the individual during that year of assessment.
(3) In order to ascertain the assessable profits of a partner for the purposes of paragraph (c) of sub- section (1), the assessable profits of the partnership for the relevant year of assessment shall be apportioned amongst the partners in the ratio in which the profits for that year of assessment were divided."
replace- ment of action 42.
49. The principal Ordinance is amended by the addition after Addition section 42 of the following new sections-
"Husband and wife.
of new sections 42A and
42A. For the purposes of this Part the total 42B. income of a wife not being a wife living apart from her husband shall be deemed to be that of her husband.