employer not chargeable to tax under Part IV. the sum excluded by this paragraph shall not exceed, in the case of that part of the sum withdrawn which represents the employer's contributions, an amount equal to fifteen per cent of the employee's income from his office or employment for the year preceding the date of withdrawal multiplied by the number of completed years of his service with that employer;":
(ii) in paragraph (7), by deleting the full stop and sub- stituting a semicolon; and
(iii) by inserting after paragraph (f) the following new paragraph-
"() income derived from services rendered as master or member of the crew of a ship or as com- mander or member of the crew of an aircraft by a person who was present in the Colony on not more than-
(1) a total of sixty days in the basis period for that year of assessment; and
(ii) a total of one bundred and twenty days falling partly within each of the basis periods for two consecutive years of assessment, one of which is that year of assessment.",
Section 9 of the principal Ordinance is amended-
(d) in subsection (1)–—–—–
(1) by deleting "for high cost of living" in para- graph (a);
(ii) by inserting after paragraph (a) the following new paragraph-
"(aa) so much of any amount (other than a pension falling under paragraph (b) of subsection (1) of section 8) received by an employee before or after his employment ceases, whether by way of commutation or otherwise. from a pension or provident fund, scheme or society, other than an approved retirement scheme, as represents his employer's contributions to that fund, scheme or society:":
(iii) by deleting the full stop at the end of paragraph (c) and substituting a semicolon; and
(iv) by inserting after paragraph (c) the following new paragraph-
"(d) any gain realized by the exercise of, or by the assignment or release of, a right to acquire shares or stock in a corporation obtained by a person as the holder of an office in or an employee of that or any other corporation."; and
(b) by deleting subsection (4) and substituting the follow-
ing
"(4) For the purposes of subsection (1)
(ơ) the gain realized by the exercise at any time of such a right as is referred to in paragraph (a) of that subsection shall be taken to be the difference between the amount which a person might reasonably expect to obtain from a sale in the open market at that time of the shares or stock acquired and the amount or value of the consideration given whether for them or for the grant of the right or for both; and (b) the gain realized by the assignment of release of such a right as is referred to in paragraph (d) of that subsection shall be taken to be the difference between the amount or value of the consideration for the assignment or release and the amount or value of the consideration given for the grant of the right.
(a just apportionment being made of any entire consideration given for the grant of the right to acquire the said shares or stock and other shares or stock or otherwise for the grant of the right to acquire those shares or stock and for something beside):
Provided that neither the consideration given for the grant of the right nor any such entire con- sideration shall be taken to include the performance of any duties in or in connexion with the office or employment by reason of which the right was granted, and no part of the amount or value of the consideration given for the grant shall be deducted more than once under this subsection.
(5) Where salaries tax may by virtue of para- graph (d) of subsection (1) become chargeable
Amendment of section 9.
6