1969-HKRS29-8-36_Part02 — Page 2

Amendment of scction 8.

Amendment of section 9.

Amendment of section 12.

Amendment of section 150.

Addition of new section ISD.

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(2) For the purposes of Part XI a claim made in accordance with subsection (1) shall be regarded as an objection to an assessment under section 64.”. Section 8 of the principal Ordinance is amended by deleting paragraph (g) of subsection (2) and substituting the following-

9.

"(g) any amount arising from a scholarship, exhibition, bursary, or other similar educational endowment beld by a person receiving full time instruction at a university, college, school, or other similar educa- tional establishment;

(4) the emoluments payable by the Government of the United Kingdom to persons in the temporary service of that Government who are in the opinion of the Commissioner serving in the Colony on United Kingdom based terms whereby they are normally employed in the United Kingdom but are liable for overseas service or are recruited in the United Kingdom specially for service in the Colony:**.

10. Section 9 of the principal Ordinance is amended by deleting "but not including" in subsection (2) and substituting the following-

"after deducting the outgoings and expenses referred to in paragraph (5) of subsection (1) of section 12, the allowances referred to in paragraph (c) of subsection (1) of section 12 and".

11. Section 12 of the principal Ordinance is amended in paragraph (b) of subsection (1) by deleting "capital expenditure on machinery or plant qualifying for allowances under paragraph (c)" and substituting the following-

"expenses of a domestic or private nature and capital expenditure".

12. Section 15C of the principal Ordinance is amended by inserting after "trade or business" where that expression first appears the following-

"in the Colony".

13. The principal Ordinance is amended by adding after sec- tion 150 the following new section—

**Post- cessation receipts and payments.

15D. (1) Where a person who has ceased to carry on a trade, profession or business in the Colony, receives any sum which, if it had been received before such cessation, would have been included in the pro- fits of the trade, profession or business in respect of

I

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which the person is chargeable to tax under this Part. then to the extent to which the sum has not already been included in such profits that sum shall be deemed to be profits of the trade, profession or business for the year of assessment in which the cessation occurred. (2) Where a person who has ceased to carry on a trade, profession or business in the Colony pays any sum which, if it had been paid before such cessation, would have been deductible in computing the profits of the trade, profession or business in respect of which the person is chargeable to tax under this Part, theo to the extent to which the sum has not already been deducted in computing such profits, that sum shall be deducted in ascertaining bis profits for the year of assessment in which the cessation occurred.”.

14. Section 16 of the principal Ordinance is amended by deleting paragraph (g) of subsection (1) and substituting the following--

"(g) notwithstanding section 17, a sum expended for the registration of a trade mark, design or patent used in the trade, profession or business which produces such profits:".

15. The principal Ordinance is amended by adding after section 23A the following new section-

"Mutual insurance

Corpora-

tions.

23AA. For the purposes of this Part, a mutual insurance corporation shall be deemed to carry on an insurance business the surplus from which shall be ascertained in the manner provided in section 23 and section 23A for ascertaining assessable profits and shall be deemed to be assessable profits chargeable to tax under section 14.".

16. The principal Ordinance is amended by adding after sec- tion 26 the following new section- "Exclusion of interest on Tax

Reserve Certificates.

26A. For the purposes of this Part, interest paid or payable on a Tax Reserve Certificate issued by the Commissioner shall not be included in the profits of any corporation or other person chargeable to tax under this Part.".

17. The principal Ordinance is amended by adding after sec- tion 29 the following new section-

"laterest payable to exempted persons.

29A. Notwithstanding section 29, the Commis- sioner may direct, by notice in writing, any person in the Colony not to make a deduction in accordance with section 29 from any sum being interest charge-

Amendment Of section 16,

Addition of new section 23AA.

Addition of

26.4.

new section

Addition of new section 29A.