Amendment of section 19A..
Amendment of section 198.
Addition of new sections 19C, 190 and 19E.
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Provided that-
(a) the amount of any such loss allowed to be set off in computing the assessable profits for any year of assessment shall not be set off in computing the assessable profits for any other year of assessment; and (6) where a loss is set off under this subsection in respect of the year of assessment com- mencing on the 1st April 1975 or any subsequent year of assessment, that loss shall be set off before the set off of any loss under section 190”.
14. Section 19A of the principal Ordinance is amended by inscrting, after subsection (2), the following new subsections-
*(3) Where a person commences to carry on a trade. profession or business in the Colony within the year of assessment commencing on the 1st April 1974, any loss in- curred by that person in that year of assessment shall be computed by reference to such person's accounts for a similar period as that person's assessable profits would have been computed under section 180.
(4) Subsections (1) and (2) shall apply to the years of assessment up to and including the year of assessment com- mencing on the 1st April 1974.”.
15, Section 19B of the principal Ordinance is amended by inserting, after subsection (2), the following new subsection---
"(3) This section shall apply to the year of assessment up to and including the year of assessment commencing on the 1st April 1974.”.
16. The principal Ordinance is amended by adding, after section 19B, the following new sections-
"Treatment of losses after 1st April 1975.
19C. (1) Where in any year of assessment an individua
(a) sustains a loss in any trade, profession or
business carried on by him; and
(b) does not elect for personal assessment under section 41 or is not deemed to have elected to be personally assessed for that year of assessment,
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the amount of that loss shall be carried forward and set off against the amount of his assessable profits from that trade, profession or business for subsequent years of assessment.
(2) Where in any year of assessment ап individual-
(a) incurs a share of a loss of a partnership in any trade, profession or business carried on by that partnership; and
(b) does not elect for personal assessment under section 41 or is not deemed to have elected to be personally assessed for that year of assessment,
the amount of that share of the loss shall be carried forward and set off against the amount of bis share of assessable profits of the partnership from that trade, profession or business for subsequent years of
assessment.
(3) Where in any year of assessment 30 individual has sustained a loss or has incurred a share of a loss of a partnership and is personally assessed under Part VII, the amount of his loss or his share of the loss of the partnership shall be dealt with in accordance with that Part.
(4) Where in any year of assessment a corpora- tion or a person, who is not an individual, a partner- ship or a corporation, carrying on a trade, profession or business sustains a loss in that trade, profession or business, the amount of that loss shall be set off against the assessable profits of the corporation or person (including its share of the assessable profits of a partnership in which it is a partner) for that year of assessment and to the extent not so set off, shall be carried forward and set off against the corpora- tion's or the person's assessable profits and its share of assessable profits of such a partnership for sub- sequent years of assessment.
(5) Where-
(2) a trade, profession or business is carried on in the Colony by persons in partnership and any one of those persons is a corporation or is a person who is not an individual, a partnership or a corporation; and