1964_INLAND_REVENUE_ORDINANCE — Page 22

1989 Ed.]

Inland Revenue

[CAP. 112

21

(3B) For the purposes of subsection (3A), the annual rent shall be

(a) if the rent reserved as on the first day of the year of assessment is

expressed as an annual rent, such annual rent; or

(b) in any other case, the amount of the rent reserved as on the first

day of the year of assessment expressed as the annual rent,

and shall include any consideration which has been given or required or will be given or required, whether in money or in kind or in any other manner, as a condition of the grant or continuation of the letting:

Provided that in respect of any letting the Commissioner may apportion such consideration or any part thereof on such basis as in his opinion is reasonable and appropriate in the circumstances of the case. (Added 5 of 1982 s. 3)

(4) This subsection applies where-

(a) any building or any part thereof is wholly let on the first day of

any year of assessment;

(b) Part I, II or IV or section 124A of the Landlord and Tenant (Consolidation) Ordinance (Cap. 7) applies on the first day of any year of assessment to that letting; and (Amended 39 of 1979 s. 26; 76 of 1981 s. 60)

(c) the Commissioner is satisfied that no consideration has been given or required or will be given or required, whether in money or in kind or in any other manner, as a condition of the grant or continuation of such letting other than the payment of such rent as is permitted or authorized under the Landlord and Tenant (Consolidation) Ordinance (Cap. 7).

(Replaced 76 of 1975 s. 4)

5B. Ascertainment of assessable value

on or after 1 April 1983

(1) Subject to subsection (5), this section shall apply to any year of assessment commencing on or after 1 April 1983.

(2) The assessable value of land or buildings or land and buildings for each year of assessment shall be the consideration, in money or money's worth, payable in that year to, to the order of, or for the benefit of, the owner in respect of the right of use of that land or buildings or land and buildings.

(3) Any consideration payable before the year of assessment commencing on 1 April 1983 in respect of a period of the right of use which starts after, or extends beyond, 1 April 1983 shall, for the purposes of this section, be deemed to be payable in equal monthly instalments during the period of the right of use or during a period of 3 years ending on 31 March 1986, whichever is the shorter.