1980-HKRS28-16-28_Part02 — Page 37

Amendment of Becton 15E.

arising in or derived from the Colony during the relevant period exceed the transitional amount;

(b) in the case of any other relevant trade, profession or business, the full amount of any relevant proflis therefrom arising in or derived from the Colony during the relevant period: and, for the purposes of this subsection, profits are "relevant profita" if, but for subsection (2) and apart from Part VI, the assessable profits for that year of assessment would have included those profita, and---

"excepted trade, profession or business" means a relevant trade, profes- sion or business referred to in the definition in this subsection of "transitional amount":

"relevant period" means the period beginning on the day next follow

ing the end of the basis period for the year preceding the year of assessmet in which the cessation occurs and ending on 31 March ||| in the year proceding the year of assessment in which the cessation OCCUIS;

リ "relevant trade, profession or business" means a trade, profession or u

business to which subsection (2) applies and in the case of which the basis period for the year preceding the year of assessment in which the cessation occurs ends on a day other than 31 March;

transitional amount" meEOS—

3.

[

(4) where the assessable profits from a relevant trade, profession or business for the year of assessment compeating on 1 April 1974 fell to be computed under section 18(2) on the amount of profits therefrom for the year ending on a day other than 31 March in the year preceding that year of assessment, the amount of profits from the relevant trade, profession or business arising in or derived from the Colony during the period beginning on the day next following the Corresponding day in that year of assessment and ending on 31 March 1975; (b) where the assessable profits from a relevant trade, profession or business for the year of assessment commenting on 1 April 1974 fell to be computed under section 18A(2), "the amount of profits from the relevant trade, profession or business arising in or derived from the Colony during the period beginning on the day next fallowing the end of the basis period for that year of assessment and ending on 31 March 1975;

and where a loss was incurred in the carrying on of a relevant trade, profession or business referred to in paragraph (4) or (6) of this definition during the period therein referred to, “transi“ tional amount". in relation to that trade, profession or business, shall be construed to mean a nil amount.".

Section 18E of the principal Ordinance is amended by inserting after subsection (3) the following--

"(4) For the purposes of section 18D(2A), where in the case of a trade, profession or business it is necessary in order to arrive at the profits or losses for any period to divide or apportion to specific periods the profits and losses for any period for which recounts have been made up, or to aggregate any such profits or lowes or any apportioned parts thereof, the Commissioner may make such division and apportionment or aggregation as he may deem proper in that Case.".

1980.

3

Passed by the Hong Kong Legislative Council this 9th day of July

Henny,

Legulary Jouncil.

Clerk to the Legħdarly

This printed impression has been carefully compared by me with the "bill, and is found by me to be a true and correctly printed copy of the said bill.

Clerk

the Legislate Council,