Addition of
new section
27.
Addition of
new section 39A.
Addition of
new section 40A.
18
26. The principal Ordinance is amended by adding, after section 26A, the following new section-
**Ascertain- meni of members of partnership.
27. For the purposes of this Part, in calculating : the number of partners in a partnership there shall be included every partner in any other partnership which is itself a partner in the first-mentioned part- nership.".
27. The principal Ordinance is amended by adding, after section 39, the following new section~
"Reduction of allow- andes pot to affcel calculation of sub- sequent allowances.
MA. Where, by virtue of section 12(2), section 18F(1) or section 19E(1), the amount of any allowance provided for under this Part is reduced, such reduc». tion shall not affect the calculation of subsequent. allowances which shall be computed in the first place) as if the full amount of the allowance had been granted and shall then where appropriate be appor-f tioned in relation to the extent to which the relevant:| assets are or have been used in the production of assessable income or assessable profits.".
28. The principal Ordinance is amended by adding, after section 40, the following new section-
"Initial allowances in years of
assessment 1974/75 to 1975/76.
40A. (1) Where----
(a) the assessable profits of a person for the year of assessment commencing on the 1st, April 1974 are computed under section 18A; and
(6) there is an interval between the end of the
basis period for the year of assessment; ending on the 31st March 1974 and the beginning of the basis period for the year! of assessment ending on the 31st March 1975.
then, notwithstanding paragraph (5) of the definition. of "basis period" in section 40(1), but subject to sub-. section (3) the initial allowance on capital expenditure. provided under this Part shall be made only on the higher of the capital expenditure incurred in the interval or the second basis period referred to para- graph (6) of this subsection.
(2) Where
(a) the assessable profits of a person for the year of assessment commencing on the 1st
19
April 1974 have been computed under sec- tion 18; and
(5) there is an interval between the end of the basis period for the year of assessment ending on the 31st March 1975 and the beginning of the basis period for the year of assessment ending on the 31st March 1976.
then, notwithstanding paragraph (5) of the definition of "basis period" in section 40(1), but subject to sub- section (3), the initial allowance on capital expendi- ture provided under this Part shall, in respect of the year of assessment commencing on the 1st April 1975. be made only on the higher of the capital expenditure incurred in the interval or in the second basis period referred to in paragraph (b) of this subsection.
(3) Where the amount of capital expenditure incurred in the interval and the second basis period referred to in subsection (1)(5) or in subsection (2)(6)
is the same, the initial allowance shall be made only in respect of the capital expenditure incurred in the second basis period.",
29. Section 41 of the principal Ordinance is amended by Amendment inserting, after subsection (2), the following new subsection-
of section 41.
"(ZA) Where-
(a) a deceased individual, or his executor on his behalf, elected, or is deemed to have elected, to be person- ally assessed for the year of assessment in which the deceased died; and
(b)
that individual was a partner in a partnership; and (c) that individual had a share of the partnership assessable profits or losses in the year of assessment following that in which he died,
thea his executor may claim to have that share of such assessable profits or losses computed in accordance with Part IV included in the deceased's total income for the year of assessment in which he died.".