1964_INLAND_REVENUE_ORDINANCE — Page 103

102

CAP. 112]

Inland Revenue

[1989 Ed.

(c) that individual had a share of the partnership assessable profits or losses in the year of assessment following that in which he died, then his executor may claim to have that share of such assessable profits or losses computed in accordance with Part IV included in the deceased's total income for the year of assessment in which he died. (Added 7 of 1975 s. 29)

(3) Any election under this section shall be made in writing and lodged with the Commissioner not later than 2 years after the end of the year of assessment in respect of which the election is made or 1 month after an assessment of income or profits forming part of the individual's total income for such year of assessment becomes final and conclusive under section 70, whichever is the later. (Amended 2 of 1971 s. 31)

(4) In this section-

"permanent resident" means an individual who ordinarily resides in Hong Kong; (Amended 7 of 1986 s. 12)

"temporary resident" means an individual who stays in Hong Kong for a period or a number of periods amounting to more than 180 days during the year of assessment in respect of which the election is made or for a period or periods amounting to more than 300 days in 2 consecutive years of assessment one of which is the year of assessment in respect of which the election is made. (Replaced 36 of 1955 s. 47. Amended 71 of 1983 s. 20; 7 of 1986 s. 12)

42. Calculation of total income

(1) For the purposes of this Part the total income of an individual for any year of assessment shall, subject to subsection (8), be the aggregate of the following amounts-

(a)

(i) in respect of the years of assessment up to and including the year of assessment commencing on 1 April 1982 and in a case mentioned in section 5B(5), the sum which is equivalent to that part of the net assessable value as ascertained in accordance with sections 5(1A) and 5A on which any property tax is chargeable on the individual which represents proportionately the part or parts of the land or buildings or land and buildings in respect of which the property tax is chargeable which have been let for any period during the year of assessment, taking into account both the area or areas let and the period or periods of letting; (Amended 76 of 1975 s. 9; 8 of 1983 s. 12)

(ii) in respect of the years of assessment commencing on or after 1 April 1983, the sum equivalent to the net assessable value as ascertained in accordance with sections 5(1A) and 5B; (Added 8 of 1983 s. 12)