1964_INLAND_REVENUE_ORDINANCE — Page 20

1989 Ed.]

Inland Revenue

[CAP. 112

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institution or of the trade, professional or business association or of the clan, family or t'ong, under a lease or licence or an agreement for a lease or licence of such land or building or land and building or part thereof, property tax shall be charged for that year in accordance with subsection (1) by reference to-

(i) the proportion which the area the subject of the lease or licence or agreement therefor bears to the total area of the whole of the land or building or land and building or part; and (ii) the proportion which the number of days during which such land or building or land and building or part was subject to such lease or licence or agreement therefor during that year bears to the number of days in that year. (Added 7 of 1979 s. 2)

(4) Where any building or part of any building in respect of which the property tax has not been charged or has been reduced in pursuance of any of the provisions of subsection (3) ceases to be occupied solely by the owner exclusively for residential purposes or, in the case referred to in paragraph (c) of that subsection, solely by any of the owners by reason of whose occupation the property tax was not charged or was reduced, such owner shall notify the Commissioner in writing within 3 months of his ceasing so to occupy the same. (Added 35 of 1965 s. 3)

5A.

(5) For the purposes of subsections (2), (3) and (4)-

(a) (Repealed 26 of 1969 s. 5)

(b) occupation of any building or part by one of more than one owners shall not be taken to be occupation otherwise than solely by such owner merely by reason of the fact that another owner also occupied the same building or part during the same period;

(c) references to a building or part thereof means only a building or a part of a building the rateable value of which is separately estimated under section 10 of the Rating Ordinance (Cap. 116). (Added 35 of 1965 s. 3)

Ascertainment of assessable value

(1) Except for the purposes of section 5B(5) and an assessment of provisional property tax under Part XC for the year of assessment commencing on 1 April 1983, this section shall not apply to any year of assessment commencing on or after 1 April 1983. (Added 8 of 1983 s. 5)

(1A) In a case where subsection (4) applies, the assessable value of land or buildings or land and buildings shall be an amount equal to the estimated annual rent which would be permitted under Part I or authorized or fixed under Part II or IV or section 124C, as the case may be, of the Landlord and

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