1971-HKRS28-8-38_Part01 — Page 15

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Amendment of section 37.

Amendment of Section 38.

Amendment of section 40.

Amendment of section 41.

before the building or structure is used, paragraph (b) of this section shall have effect only in relation to the last of those sales.*.

28. Section 37 of the principal Ordinance is amended by inserting after subsection (3) the following new subsections-

"(4) If a person succeeds to any trade, profession or business which immediately before the succession- (2) was carried on by another person; and (b) made use of machinery or plant for the purpose of producing profits chargeable to tax under Part IV.

and, immediately after the succession, such machinery or plant, without being sold to the successor, is in use in that Trade, profession or business for the same purpose, the reduced value of such machinery or plant shall, for the purpose of computing annual allowances under subsection (2), be taken to be the reduced value thereof still unallowed to that other person as at the time of the succession.

(5) Notwithstanding subsection (4), no initial allowance shall be made under this Part by virtue of subsection (4).".

29. Section 38 of the principal Ordinance is amended in subsection (2) by inserting after "this subsection" the following- "and in a case where an annual allowance has been com- puted in accordance with subsection (4) of section 37, the reduced value used for the purpose of that subsection shall be deemed to be the capital expenditure for the purposes of this subsection".

30. Section 40 of the principal Ordinance is amended io the definition of “capital expenditure" in subsection (1) by insert- ing after "assistance" the following-

"and in relation to the person incurring the expenditure does not include any expenditure which is allowed to be deducted in ascertaining for the purpose of Part IV the profits of a trade or business carried on by that person”.

31. Section 41 of the principal Ordinance is amended in subsection (3) by deleting "on the last day of the third year following the year of assessment in respect of which the election is made" and substituting the following-

"Iwo years after the end of the year of assessment in respect of which the election is made or one month after an assessment of income or profits forming part of the individual's total income for such year of assessment

becomes final and conclusive under section 70, whichever is the later"

32. Section 42B of the principal Ordinance is amended in subsection (1)—–—

(a) in the proviso to paragraph (d), by deleting "before deducting the allowances specified in paragraphs (6). (c), (d) and (e)” and substituting the following-

"as reduced by the allowance specified in para- graph (a) and

(b) in paragraph (e), by inserting after "individual" where

it first occurs the following-

"or his wife, not being a wife living apart from her husband.".

33. Section $1 of the principal Ordinance is ammended by inserting after subsection (7) the following new subsection—

"(8) Any person chargeable to tax under Part III, IV or VII who changes his address shall within one month inform the Commissioner in writing of the particulars of the change.".

34. Section 52 of the principal Ordinance is amended in subsection (7) by inserting after "gave the notice" the following-

and compliance with this subsection shall constitute a defence in any proceedings against an employer in respect of his failure to make any payment to or for the benefit of the individual during the said period".

35. Section 57 of the principal Ordinance is repeated and replaced by the following-

"Principal officer to

act on behalf of a corpora- tion or body of persons.

57. (1) The secretary, manager, any director or the liquidator of a corporation and the principal officer of a body of persons shall be answerable for doing all such acts, matters, or things as are required to be done under the provisions of this Ordinance by such corporation or body of persons.

(2) If no secretary, manager, director or liquidator of a corporation or no principal officer of a body of persons is ordinarily resident in the Colony, the cor- poration or body of persons, as the case may be, sball inform the Commissioner, and keep him so informed at all times, of the name and address of an individual ordinarily resident in the Colony who shall be answer- able for doing all such acts, matters, or things as are required to be done under the provisions of this Ordinance by such corporation or body of persons.".

Amendment of section 423.

Amendment of section $1.

Amendment of section $2.

Repeal and replacement of section 37.