1975-HKRS28-16-23_Part01 — Page 21

Basis for computing assessable profit for years of assessment

commencing 1st April 1975.

exceed those assessable profits as so computed, then, notwithstanding section 18, the assessable profits for the year of assessment commencing on the 1st April 1974 shall be computed on the basis of those actual profits.

(3) Where the assessable profits for the year of assessment commencing on the 1st April 1974 from any trade, profession or business fall to be computed under section 18(4) but the lesser of the actual profits from that source for-

(a) the year ending on the day in that year of

assessment to which the accounts of that trade, profession or business were made up;

Or

(b) that year of assessment,

exceed those assessable profits as so computed, then notwithstanding section 18, the assessable profits for the year of assessment commencing on the 1st April 1974 shall be computed on the basis of those actual profits.

(4) For the purposes of applying this section there shall be disregarded any loss brought forward to the year of assessment commencing on the 1st April 1974 under section 19(2).

18B. (1) Subject to subsection (2) and to sec- tions 18C, 18D and 18E, the assessable profits for any year of assessment commencing on or after the 1st April 1975 from any trade, profession or business carried on in the Colony shall be computed on the full amount of the profits therefrom arising in or derived from the Colony during the year of assess- meat

(2) Subject to sectious 18C, 18D and 18E, where the Commissioner is satisfied that the accounts of a trade, profession or business carried on in the Colony are made up to some day other than the 31st March, he may direct that the assessable profits from that source for any year of assessment be computed on the full amount of profits therefrom arising in or derived from the Colony during the year ending on that day in the year of assessment.

Commenes- ment of

source of prafils in Years Of assessment commencing on or after 1st April 1974.

Cessation of source of profits in years of assessment

commencing

on 1st April 1975.

T

18C. (1) Subject to subsection (2) where a person commences to carry on a trade, profession or business in the Colony within any year of assessment commencing on or after the 1st April 1974 and the Commissioner is satisfied that the first accounts of such trade, profession ar business after its com- mencement are made up to some day other than the 31st March, the assessable profits from that source for that year of assessment sball-

(a) if the first accounts are made up to a day within that year of assessment, be computed on the full amount of the profits from that source arising in or derived from the Colony during the period beginning on the day of commencement and ending on the day to which the accounts are made up: or

(b) if the first accounts are for a period in excess of a year and are made up to a day within a year of assessmem following that in which the commencement occurred, be computed on such basis as the Commis- sioner thinks fit.

(2) Where the first accounts of a trade, profes- sion or business commenced in any year of assessment commencing on or after the 1st April 1974 are for a period of one year or less and are made up to a day within the year of assessment following that in which the commencement occurred, there shall be deemed to be no assessable profits for the year of assessment in which the commencement occurred.

18D. (1) Save as provided in this section, where, in any year of assessment commencing on or after the 1st April 1975, a person ceases to carry on a trade, profession or business in the Colony, the assessable profits from that source for the year of assessment in which the cessation occurs shall be computed on the amount of the proûts therefrom arising in or derived from the Colony during the period beginning on the day following the end of the basis period for the year preceding the year of assess- ment and ending on the date of cessation.

(2) Where in any year of assessment commenc- ing on or after the 1st April 1975 a person ceases to