Compura- tion of
losses after 1st April
1975.
14
(b) in any year of assessment a loss is incurred
in that trade, profession or business, then the corporation's or the person's share of that loss shall be set off against the assessable profits of the corporation or the person for the year of assess- ment in which the loss was incurred and to the exteat not so set off, be carried forward and, for subsequent years of assessment, be set off first against the cor- poration's or the person's share of the assessable profits of such partnership and, to the extent not so set off, then against the assessable profits of the corporation or the person,
(6) For the purposes of this section-
(a) the amount of any loss set off in computing
the assessable profits for any year of assess-- ment shall not be set off in computing the assessable profits for any other year of assessment;
(b) the amount of any loss carried forward to any year of assessment to be set off against the assessable profits for that year shall not be set off more than once in that year of assessment:
(c) the total amount set off against assessable profits shall not exceed the amount of the loss:
(c) the amount of any loss to be set off under this section shall be the loss attributable to activities in the Colony.
(7) In this section "partnership" means a part- nership other than a partnership consisting at any time in a year of assessment of more than twenty partners.
(8) This section shall apply to the year of assess- ment commencing on the 1st April 1975 and to sub- sequent years of assessment
190. (1) For the purposes of section 19C, the amount of loss incurred by a person chargeable to tax under this Part for any year of assessment shall be computed in like manner and for such basis period as
Adjust- ment of losses.
15
the assessable profits for that year of assessment would have been computed.
(2) This section shall apply to the year of assess- ment commencing on the 1st April 1975 and to sub- sequent years of assessment.
19E. (1) For the purposes of section 19D, the amount of loss for any year of assessment of any person chargeable to tax under this Part shall be increased by the allowances made to that person under Part VI for that year of assessment to the extent to which the relevant assets are used in the production of the losses and decreased by the amount of any balancing charge directed to be made on that person under Part VI
(2) Where in any year of assessment the amount of the balancing charge made under Part VI to a person chargeable to tax under this Part exceeds the total amount of that person's losses, as increased by any allowances, the amount of such excess shall be deemed to be assessable profits of that person for that year of assessment.
(3) This section shall apply to the year of assess- ment commencing on the 1st April 1975 and to subsequent years of assessment.”.
17. Section 21 of the principal Ordinance is amended by Amendment deleting "profits" wherever it occurs and substituting in each of section place the following-
"assessable profits".
21.
18. Section 21A of the principal Ordinance is amended by Amendment deleting "profits" and substituting the following-
"assessable profits”.
19. Section 22 of the principal Ordinance is amended-
of section
21A.
Amendment of section
(a) in subsection (3) by deleting in accordance with section 22.
18"; and
(b) in the proviso to subsection (3) by inserting-
(i) after "business" in the first place where it occurs. the following-
"which was commenced before the 1st April 1975": and
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