1975-HKRS28-16-23_Part01 — Page 26

Addition of

new section

21A.

Amendment

of section 23.

16

(ii) after "year of assessment", the following

"up to and including the year commencing on the 1st April 1974”.

20. The principal Ordinance is amended by adding, after section 22, the following new section-

"Ascertain- ment of

share of

partnership profits or losses,

22A. (1) In order to ascertain the share of a partner of the assessable profits or losses of a partner- ship, such assessable profits or losses for the relevant. year of assessment shall be apportioned amongst the persons who were partners during the basis period in the ratio in which the profits or losses of the basis period for that year of assessment were divided; and the profits or losses as so apportioned shall constitute the shares of the assessable profits and losses of the individual partners for that year of assessment,

(2) For the purposes of subsection (1), there shall be excluded from the assessable profits of a partnership any loss brought forward under section 190.

(3) In this section "partnership" means a part- nership other than a partnership consisting at any time in the relevant year of assessment of more than twenty partners.”.

21. Section 23 of the principal Ordinance is amended in subsection (4X)-

(a) by inserting, after sub-paragraph (v) and before "and by deducting therefrom", the following new sub- paragraph-

"(va) the amount of a balancing charge directed to be made under Part VI;";

(b) by deleting the full stop at the end of sub-paragraph

(ix) and substituting a semicolon; and

(c) by inserting, after sub-paragraph (ix), the following-

"(x) the allowances provided by Part VI to the extent to which the relevant assets are used in the production of the adjusted surplus.”.

17

22. Section 23A(1) of the principal Ordinance is amended- Amendment

of section

(a) by inserting, after "Colony" at the second place where 234.

it occurs, the following-

"and the amount of any balancing charge directed to be made under Part VI"; and

(b) by inserting, after "Colony" at the third place where

it occurs, the following-

"and the allowances provided under Part VI to the extent to which the relevant assets are used in the production of such profits".

23. Section 23B(2) of the principal Ordinance is amended Amendment by deleting the proviso in the definition of "total profits" and substituting the following---

"Provided that where the said total profits have been computed on a basis which differs materially from that pre- scribed in this Part for the ascertainment of assessable profits in respect of which & person is chargeable to tax, such profits shall be adjusted so as to correspond as nearly as may be to the sum which would have been arrived at had they been computed in accordance with the provisions of this Part relating to the ascertainment of assessable pro- fits in respect of which a person is chargeable to tax.",

of section 208.

24. Section 230(5) of the principal Ordinance is amended Amendment by deleting the proviso in the definition of "total profits" and of section substituting the following-

"Provided that where the said total profits have been computed on a basis which differs materially from that prescribed in this Part for the ascertainment of assessable profits in respect of which a person is chargeable to tax, such profits shall be adjusted so as to correspond as nearly as may be to the sum which would have been arrived at bad they been computed in accordance with the provisions of this Part relating to the ascertainment of assessable profits in respect of which a person is chargeable to tax.".

230.

25. Section 26(6) of the principal Ordinance is amended by Amendment deleting "subject to the provisions of section 15A" and substitut- of section ing the following--

"save as otherwise provided".

26.