CO129-615-2 Income tax 10-3-1947 - 6-2-1948 — Page 212

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Assessment of partner-

23. (1) Where a trade, profession or business is carried on by two or more persons jointly the tax in respect thereof ships shall be computed and stated jointly in one sum and a joint assessment shall be made in the partnership name.

(2) The precedent partner shall make and deliver a statement of the profits or losses of such trade, profession or business, on behalf of the partnership, ascertained in accord- ance with the provisions of this Chapter relating to the ascertainment or profits.

Where no active partner is resident in the Colony the return shall be furnished by the manager or agent of the partnership in the Colony.

(3) If after the 31st day of March, 1946, a change occurs in a partnership of persons carrying on any trade, profession or business; by reason of retirement or death, or the dissolution of the partnership as to one or more of the partners, or the admission of a new partner, in such circumstances that one or more of the persons who until that time were engaged in the trade, profession or business continue to be engaged threin, or a person who until that time was engaged in any trade, profession or business on his own account continues to be engaged in it, but as a partner in a partnership, the tax payable by the person or persons who carry on the trade, profession or business after that time shall, notwithstanding the change be computed according to the profits or gains of the trade, profession or business in accordance with section 20 as if no such change had occurred: Provided that on application made. in writing by all the persons engaged in the trade, profession or business both immediately before and immediately after the change, and signed by all of them or, in the case of a deceased person, by his legal representative, and received by the Assessor within twelve months after the change took place, the Assessor may compute the profits for any year of assessment as if the trade, profession or business had been discontinued at the date of the change and a new trade, profession or business had been then set up and commenced.

(4) Tax upon the partnership shall be recoverable by all means provided in this Ordinance out of the assets of the partnership, or from any partner, or from the Manager or Agent of the partnership in the Colony, and in the case of an assessment made in accordance with sub-section (3) notwithstanding a change in the partnership shall be recover- able if necessary from any person who quitted the partnership at the change or from the estate of any such person deceased. (5) Tax may be assessed on the profits of a partnership notwithstanding the cessation or dissolution of such partner- ship and shall be recoverable from the former partners and from the assets of the partnership at the time of its cessation.

Ascertain- ment of

profits of

24. (1) The profits of a company, whether mutual or proprietary, from the business of life insurance shall be the investment income of the Life Insurance Fund less the management expenses (including commission) attributable to companies that business :

Provided that where such a company transacts life insurance business both in the Colony, whether directly or through an agent, and elsewhere, the profits from business in the Colony shall be deemed to be the same proportion of the total investment income of the Life Insurance Fund of the

insurance

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