A152
Ord. No. 33/80
ESTATE DUTY (AMENDMENT)
Where the principal value of the estate
Estate duty shall be payable
at the rate
per cent of
$
$
Exceeds
600,000 and does not exceed
650,000
10
23
29
650,000 700,000
"
"
"
""
700,000
11
"
59
59
800,000
12
800,000
رو
29
900,000
13
23
**
97
900,000 1,000,000
35
1,000,000
14
>
29
"
1,500,000
15
33
1,500,000
"
59
"
2,000,000
16
99
2,000,000 3,000,000
"
53
"
"
3,000,000
17
18
1980.
INLAND REVENUE (AMENDMENT) (NO. 2)
Ord. No. 34/80
A153
HONG KONG
No. 34 OF 1980
I assent.
L.S.
MURRAY MACLEHOSE,
Governor.
10 July 1980.
An Ordinance to amend the Inland Revenue Ordinance.
[11 July 1980]
Passed by the Hong Kong Legislative Council this 9th day of July
LORNA LEUNG,
Clerk to the Legislative Council.
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.
LORNA LEUNG,
Clerk to the Legislative Council.
Enacted by the Governor of Hong Kong, with the advice and consent
of the Legislative Council thereof.
1. (1) This Ordinance may be cited as the Inland Revenue Short title and (Amendment) (No. 2) Ordinance 1980 and, subject to subsection (2), shall application. apply to the year of assessment commencing on 1 April 1979 and sub- sequent years of assessment.
(2) As respects the year of assessment commencing on 1 April 1979, this Ordinance shall not apply to any person assessed under section 18D(2) of the principal Ordinance prior to 27 February 1980.
2.
Section 18D of the principal Ordinance is amended by inserting Amendment of after subsection (2) the following-
"(2A) Where a person ceases to carry on a relevant trade, profes- sion or business on or after 1 April 1979, the following amount shall be treated as assessable profits therefrom for the year of assessment in which the cessation occurs and shall be in addition to the assessable profits therefrom which, apart from this subsection, fall to be computed for that year of assessment-
(a) in the case of an excepted trade, profession or business, the amount, if any, by which the relevant profits therefrom 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 profits therefrom arising in or derived from the Colony during the relevant period; and, for the purposes of this subsection, profits are "relevant profits" if, but for subsection (2) and apart from Part VI, the assessable profits for that year of assessment would have included those profits, 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 preceding the year of assessment in which the cessation occurs;
section 18D. (Cap. 112.)
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