1950_INLAND_REVENUE_ORDINANCE — Page 19

HK Historical Laws 香港歷史法例 All AI Reviewed

Inland Revenue.

[CAP. 112

profits may be computed on a fair percentage of the turnover of that trade or business in the Colony.

[22]

of partner-

22. (1) Where a trade, profession or business is carried Assessment 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 accordance with the provisions of this Part relating to the ascertainment of 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.

Schedule.

(3) If 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 therein, 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 18 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 shall 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.

311

Schedule.

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Inland Revenue. [CAP. 112 profits may be computed on a fair percentage of the turnover of that trade or business in the Colony. [22] of partner- 22. (1) Where a trade, profession or business is carried Assessment 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 accordance with the provisions of this Part relating to the ascertainment of 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. Schedule. (3) If 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 therein, 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 18 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 shall 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. 311 Schedule.

Baseline (Original)

Inland Revenue. [CAP. 112 profits may be computed on a fair percentage of the turnover of that trade or business in the Colony. [22] of partner- 22. (1) Where a trade, profession or business is carried Assessment 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 accordance with the provisions of this Part relating to the ascertainment of 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. Schedule. (3) If a change occurs in a partnership of persons 30 of 1950. 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 therein, 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 18 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 shall 30 of 1950, 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. 311 Schedule.

2026-05-03 21:37:31 · Baseline

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Inland Revenue.

[CAP. 112

profits may be computed on a fair percentage of the turnover of that trade or business in the Colony.

[22]

of partner-

Schedule.

(3) If a change occurs in a partnership of persons 30 of 1950. 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 therein, 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 18 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 shall 30 of 1950, 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.

1950_INLAND_REVENUE_ORDINANCE — Page 19

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