1964_INLAND_REVENUE_ORDINANCE — Page 104

1989 Ed.]

Inland Revenue

[CAP. 112

103

:

(b) the net assessable income of the individual for that year of

assessment; and (Replaced 71 of 1983 s. 21)

(c)

the assessable profits of the individual for that year of assessment computed in accordance with Part IV:

(d) (Repealed 17 of 1989 s. 10)

Provided that there shall be deducted from that part of the total income arising from paragraph (a) the amount of any interest payable on any money borrowed for the purpose of producing that part of the total income where the amount of such interest has not been allowed and deducted under Part IV. (Amended 17 of 1989 s. 10)

(2) There shall be deducted from the total income of an individual for any year of assessment-

(a) subject to subsections (3) and (4), the aggregate of approved charitable donations which are made during the year of

$.13

assessment by the individual and any spouse wifes for income 43/89, 13 is required to be aggregated with that of the individual under section 42A, if such aggregate of donations is not less than $100; and

(b) the amount of the individual's loss or share of loss for that year

of assessment computed in accordance with Part IV.

(3) An individual shall not be entitled under subsection (2)(a) to deduct for any year of assessment any sum which is allowable as a deduction under section 16, 16B, 16C or 16D or which has been allowed to the individual's spouse against total income that is required to be aggregated with that of the individual under section 42A)

(4) The total amount-

(a) of any sum which is allowable as a deduction under subsection

(2)(a); and

(b) any sum which is allowable as a deduction under section 16D, shall not exceed 10% of the total amount of

(i) the total income of the individual for the year of assessment;

and

(ii) any sum which is allowable as a deduction under section 16D. (5) Where in any year of assessment the amount of an individual's loss under subsection (2)(b) exceeds that individual's total income, after making the deductions under subsection (2)(a), the amount of such excess shall be carried forward and set off against the individual's total income for future years of assessment:

Provided that, in a case where the total incomes of spouses are required to be aggregated under section 42A any such excess for either spouse shall, before being carried forward and set off under this subsection, be reduced as far as can be done by being set off against the total income of the other spouse as reduced under subsection (2).

43/895.13