1951-HKRS29-8-18_Part02 — Page 12

Amendment

of section

16 of the principal Ordinance.

Amendment of section 19 of the principal Ordinance.

(b) by the insertion of the following proviso at the end of

subsection (4)

"Provided that where the income arising in or accruing during the year of assessment immediately preceding the year in which the cessation occurs exceeds the amount of the assessment in respect of that preceding year such assessment shall be increased to the amount of the income as defined in section to arising in or accruing during that preceding year and an additional assessment shall be made accordingly.".

3. Section 16 of the principal Ordinance is bereby amended by the deletion of the words "the Commissioner shall cause the profits and losses of those trades, professions or businesses to be aggregated" appearing in the third and fourth lines of subsection (2) and the substitution therefor of the words "the profits and losses of those trades, professions or businesses shall be aggre- gated".

4. Section 19 of the principal Ordinance is hereby amended- (a) by the insertion of the following proviso at the end of

subsection (4)

"Provided that such person may claim, by giving notice in writing to the Commissioner, to have his assessable profits for that year of assessment and for the following year of assessment (but not for one or other of those years) adjusted to the actual profits of each such year respectively.";

(b) by the insertion of the following proviso at the end of

subsection (5)-

"Provided that where the profits for the year of assessment immediately preceding the year in which the cessation occurs exceed the amount of the assessment in respect of that preceding year such assessment shall be increased to the amount of the profits for that preceding year and an additional assessment shall be made accordingly.";

(c) by the deletion of the words "the period of twelve months next succeeding the year of assessment" appearing in the fifth and sixth lines of subsection (6) and the substitution therefor of the words "two years after the end of the year of assessment",

6. Section 27 of the principal Ordinance is hereby repealed Repeal and and replaced as follows-

"Exclusion of certain dividends and profits from the Lasessable profits of other persons.

8.

replace ment of section 27

27. For the purpose of assessment under this of the

principal Chapter-

Ordinance.

(a) a dividend from a corporation which is charge-

able to tax under this Chapter shall not be included in the assessable profits of any other person, and

(b) subject to the provisions of subsection (2) of section 16 no part of the assessable profits or losses of a trade, profession or business carried on by a person who is chargeable to tax under this Chapter shall be included in the assessable profits of any other person."

Section 37 of the principal Ordinance is hereby amended Amendment by the deletion of the proviso to subsection (1) and the substitution of section 37 of the therefor of the following new proviso-

principal Ordinance.

"Provided that notwithstanding anything in the foregoing the expression "industrial building or structure” shall not include any building or structure in so far as it is in use as a dwelling house (other than for the housing of manual workers), retail shop, showroom, hotel or office.".

of section

1. Section 38 of the principal Ordinance is hereby amended Amendment by the insertion of the words owns and" between the words 38 of the "person" and "has" in line two of subsection (2).

principal Ordinance.

8. Section 42 of the principal Ordinance is hereby amended Amendment by the deletion of the definition of "individual" in subsection (a) and the substitution therefor of the following-

'individual' shall include-

(a) a woman, but not a married woman whose husband is a resident of the Colony unless she is living apart from her husband under a decree of a competent court or a duly executed deed of separation, and

(6) a minor, but not a child in respect of whom an allowance has been or may be granted under paragraph (c) of subsection (1) of section 43, nor a child the beneficial interest in whose income is that of a parent or parents;"'.

2

of section

principal Ordinance.

43 of the

9. Section 43 of the principal Ordinance is hereby amended Amendment by the substitution of the words "basis period for the year of of section assessment" for the words "year preceding the year of assessment" principal wherever they occur in subsection (1),

Ordinance.